Newell Rubbermaid (NYSE: NWL) is buying Baby Jogger Holdings from the Riverside Co. for $210 million.
Baby Jogger, headquartered in Richmond, Virginia, made the first three-wheeled jogging stroller in 1984, and today makes a line of quick-fold strollers and related accessories.
Atlanta-based Newell Rubbermaid says the business complements its Graco stroller business.
Riverside invested in Baby Jogger in 2012 and partnered with CEO Mark Zehfuss to expand the brand globally. In 2013, the company added NJoy, a company headquartered in Barcelona, which expanded Baby Jogger's product line. Cleveland and New York-based Riverside's other recent transactions include an investment in 3D printing group Fisher/Unitech in November, and community development company Safebuilt, also in November.
Newell, which owns many well-known brands including Caphalon, Graco, Lenox, Paper Mate, Sharpie and Rubbermaid, has been shedding some assets and buying others as part of a restructuring plan to boost profitability. Earlier in 2014, Newell bought beverage container manufacturer Ignite USA LLC in a deal valued at $308 million. And in 2013, Newell sold a suite of hardware businesses to Nova Capital Management Ltd., an acquirer of corporate and private equity portfolios, for $214 million.
Jones Day and KPMG advised Riverside on the deal. Baird advised Newell on the deal.