Newell Brands Inc. has signed a definitive agreement to sell its Pine Mountain® fire starters and fire logs business as well as its Diamond® matches, fire starters, lighters, toothpicks, clothespins and clotheslines business to Royal Oak Enterprises LLC, a leading manufacturer of charcoal and grilling products.
Martin E. Franklin and Ian G. H. Ashken, members of Newell Brands’ Board of Directors, are affiliates of Royal Oak. Newell Brands will retain Diamond branded plastic cutlery products.
The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions. Terms were not disclosed.
Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Jostens®, Marmot®, Rawlings®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, Waddington and Yankee Candle®.
Jones Day is advising Newell Brands in the pending sale of its business with a team led by Erik Belenky.
Involved fees earner: Erik Belenky – Jones Day;
Law Firms: Jones Day;
Clients: Newell Brands Inc.;