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Newell Brands to sell Goody Products to Acon Investments

Sharpie pens maker Newell Brands Inc. will sell hair accessories business Goody Products Inc. to a fund managed by private equity investment firm Acon Investments LLC.

Goody's 2017 net sales were about $115 million.

The deal is expected to close within approximately 30 days, subject to customary closing conditions, including regulatory approval.

Terms of the deal were not disclosed. Baird acted as financial adviser to Newell Brands on the transaction.

New Jersey-based Newell revealed in January that it would explore strategic options for some of its brands, including Waddington and Goody, in an series of moves expected to reduce the company's customer base by 50%, among other outcomes.

In June, the company completed the sale of its packaging business The Waddington Group and its sporting goods unit Rawlings Sporting Goods Co.