Newell Brands, a global consumer goods company, has signed an agreement to sell Pure Fishing to Sycamore Partners, a private equity firm. Pure Fishing is a global provider of fishing gear and includes the following brands: Abu Garcia, All Star, Berkley, Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell, Penn, Pflueger, Sebile, Shakespeare, SpiderWire, Stren, and Ugly Stik.
According to a Newell Brands release proceeds from the sale of Pure Fishing are anticipated to total $1.3 billion U.S, with the transaction expected to close in the fourth quarter.
Sycamore Partners, the purchaser, specializes in consumer, distribution and retail-related investments. “We have full confidence that these businesses will continue to thrive under new ownership, as they leverage their strong positions in the market place.” said Michael Polk, Newell Brands President and Chief Executive Officer.