Sycamore Partners has completed its acquisition of Pure Fishing from Newell Brands. In a released statement, Newell Brands stated that gross proceeds from the Pure Fishing divestiture were $1.3 billion.
Proceeds from the sale of Pure Fishing, along with the sale of yearbook and class ring seller Jostens to Platinum Equity, are part of Newell’s 2018 financial transformation plan.
Pure Fishing manufactures and sells fishing tackle, lures, rods and reels and other outdoor and recreational lifestyle products. The company has a portfolio of brand names including Abu Garcia, All Star, Berkley, Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell, Penn, Pflueger, Sebile, Shakespeare, SpiderWire, Stren, and Ugly Stik.
Pure Fishing’s products are sold through a network of retailers and distributors to customers in the United States and internationally. In 2017, Pure Fishing’s revenues were approximately $556 million.
Pure Fishing was acquired by The Jarden Corporation in April 2007 for $300 million and in April 2016 Jarden was acquired by Newell Brands. Pure Fishing traces its roots back to 1937 when Berkley Bedell founded the Berkley Fly Co. in Spirit Lake, IA. Today the company is headquartered in Columbia, SC (www.purefishing.com).
“Pure Fishing and its portfolio of global brands represent an exciting opportunity to continue our strategy of investing in and supporting great retail and consumer brands with significant potential,” said Peter Morrow, a managing director at Sycamore Partners. “We are excited to help Pure Fishing build on its market-leading position and accelerate its growth.”
At closing of the transaction, Harlan Kent has been named Chief Executive Officer of Pure Fishing. Mr. Kent has more than 30 years of experience working with and leading brands including Performance Sports Group, Totes Isotoner, and Yankee Candle Company. “I am honored to be a part of the Pure Fishing team, particularly at this exciting juncture,” said Mr. Kent. “Sycamore Partners is well known for partnering with management teams to create value, and I look forward to benefiting from their support and expertise.” Mr. Kent succeeds Neil Eibeler, who has stepped down from the business.
Sycamore Partners invests in consumer, distribution and retail-related investments. The firm’s investment portfolio currently includes Belk, Coldwater Creek, CommerceHub, Hot Topic, MGF Sourcing, NBG Home, Staples, The Limited and Torrid. In July 2018, Sycamore Partners closed its third fund, Sycamore Partners III LP with $4.7 billion of limited partner capital. Sycamore’s second fund was raised in 2014 with $2.5 billion of committed capital. The firm now has approximately $10 billion in assets under management. Sycamore Partners is based in New York (www.sycamorepartners.com).
© 2019 Private Equity Professional | January 8, 2019
