Newell Brands To Sell Winter Sports Business To Kohlberg & Co. - Quick Facts

(RTTNews) - Newell Brands Inc. (NWL) said it has signed a definitive agreement to sell its Winter Sports businesses, inclusive of Völkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA to Kohlberg & Company, L.L.C., a private equity firm specializing in middle-market investing.

The sale of the Winter Sports businesses is part of Newell Brands' ongoing strategy to accelerate growth by simplifying and strengthening its portfolio.

Newell Brands expects gross proceeds from the divestiture to be $240 million, subject to customary working capital and transaction adjustments. Net sales for the divested business were about $330 million during 2016 and annual adjusted EBITDA for the divested business is approximately $25 million.

The transaction is expected to close late in the second quarter or early in the third quarter of 2017. Goldman Sachs & Co. LLC acted as financial advisor to Newell Brands on the transaction.

Additionally, Newell Brands has signed a definitive agreement to sell its Zoot & Squadra apparel brands in a separate transaction.