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Newell to sell sporting goods unit Rawlings

Newell Brands Inc. said June 5 that it will sell its sports equipment manufacturing unit Rawlings Sporting Goods Co. Inc. to a fund managed by investment firm Seidler Equity Partners LP, or SEP, for about $395 million.

The Sharpie products manufacturer expects the deal to result in after-tax proceeds of approximately $340 million, which it will apply to reduce debt and repurchase shares.

Major League Baseball will co-invest with SEP and jointly manage the Rawlings brand.

The transaction is expected to close within approximately 30 to 45 days, subject to usual closing conditions and regulatory approval. Bank of America Merrill Lynch served as SEP's adviser on the deal.

The recent divestiture is in line with Newell's transformation plan to simplify operations. In May, the company agreed to sell food packaging subsidiary The Waddington Group to Novolex Holdings LLC, which is owned by private equity firm Carlyle Group LP.