Newell Brands Inc. said May 26 that it has signed a definitive agreement to sell its winter sports business to private equity firm Kohlberg & Co. LLC.
The sale includes the brands Völkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA. Net sales from the businesses reached $330 million in 2016, with annual adjusted EBITDA of $25 million.
Newell said the divestment is part of its plan to speed up growth by improving its portfolio. It expects gross proceeds from the divestiture to be $240 million and the transaction to close between the second and third quarters of 2017.
Goldman Sachs & Co. LLC served as financial adviser.
The company said it also agreed to sell its Zoot & Squadra apparel brands, but financial terms were not disclosed.