Newell Brands Inc. (NYSE: NWL) has agreed to sells its winter sports unit to Kohlberg & Co. for $240 million. The transaction is part of Newell's strategy to sell 10 percent of its portfolio so it can focus on fast-growing business lines.
The target includes the Völkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA brands., that sells skiis, snowsboards and boots. The business generated about $330 million in sales in 2016 and an adjusted Ebitda of around $25 million. Goldman Sachs & Co. (NYSE: GS) is advising Newell on the transaction. Newell has also agreed to sell its Zoot and Squadra brands, along with the European Teutonia baby stroller business to undisclosed buyers in separate deals.