Boston, MA 09/05/2014 (wallstreetpr) – According to a report by Yahoo! Finance, the U.S. based Newell Rubbermaid Inc. (NYSE:NWL), on September 4, 2014 confirmed that the acquisition of Ignite Holdings, LLC from North Castle Partners, as well as its co-investors, is complete.
Newell completes the acquisition of Ignite:
Newell, the global marketer of commercial and consumer products, through this acquisition will receive a boost in its growth rate, normalized earnings per share (EPS) and normalized operating income margin in the first year. Ignite, well-known designer, as well as, marketer of durable beverage containers marketed under the brands Contigo(R) and Avex(R), was anticipated to report approximately $125 million net sales in 2014.
CEO of Newell acknowledged:
The President and Chief Executive Officer of Newell, Michael Polk, said that Newell Rubbermaid Inc. (NYSE:NWL) is very much excited to welcome the company like Ignite in Newell’s team. The CEO also added that the Contigo and Avex brands will help the business to expand and witness enhanced growth. It will moreover strengthen Newell’s commitment and make the company renowned for design and product performance.
Purchase amount of approximately $308 million:
According to Yahoo! Finance, the North Castle Partners and its co-investors sold the brands to Newell at approximately $308 million. The transaction represents North Castle partner’s first sale of a portfolio company from Newell Rubbermaid Inc. (NYSE:NWL)’s fifth fund.
The CEO of North Castle says:
The Managing Director of North Castle Partners, Alison Minter, said that the sale of Ignite, the Chicago-based company proved the strategy to collaborator with entrepreneurial management teams in order to create high-growth brands for sales. Through a partnership with Ignite’s CEO, Sami El-Saden, North Castle will accelerate its growth.
Chip Baird commented:
The Founder and Managing Director, Chip Baird said that Newell Rubbermaid Inc. (NYSE:NWL) is very proud for having such successful partnership with the entire Ignite team.
