North Castle Partners has agreed to sell Ignite Holdings to commercial products producer Newell Rubbermaid for $308 million. Based in Chicago, Ignite makes beverage containers under the Contigo and Avex brands.
The deal is expected to close by the end of the third quarter this year. Robert W. Baird & Co. provided financial advice to Newell Rubbermaid.
Commenting on the acquisition, Newell Rubbermaid President and CEO Michael Polk said: “Ignite has a great track record of growth, establishing a leading share position in two of the fastest growing consumer durable categories in North America. Their commitment to leverage great design to deliver differentiated products is evident in their results..”
According to the news release announcing the deal, Ignite is “expected” to generate $125 million in net sales this year.
Photo credit of Shutterstock
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