Newell Divests Pure Fishing Flashcards
1
Q
Who did JP Morgan advise?
A
Advised Newell Brands in sell side deal
2
Q
What was the transaction value?
A
$1.3 billion
3
Q
What was the multiple?
A
2.3x revenue (no EBITDA multiple listed)
4
Q
Who bought Pure Fishing?
A
Sycamore Partners
5
Q
Why did Newell divest Pure Fishing?
A
It is part of Newell Brands “Accelerated Transformation Plan” to raise $10b in proceeds from divestitures. It will use those funds to pay down debt in order to maintain its investment grade credit rating, and it will use funds to repurchase shares.
