Newell Rubbermaid Inc. (NYSE: NWL) has sealed its purchase of beverage container manufacturer Ignite USA LLC in a deal valued at $308 million.

Based in Chicago, Ignite markets reusable, thermal mugs and water bottles under the Contigo and Avex brands.

Newell is a global marketer of containers, Tupperware and other consumer products and brands, including Sharpie, Paper Mate, Lenox, Goody and Dymo. The Atlanta company's 2013 sales generated more than $5.7 billion.

Newell has been restructuring in recent years to boost profitability. In 2013, the company sold a suite of hardware businesses and home-improvement businesses, including Amerock, Ashland, Bulldog, Drapery Hardware and Shur-Line, to Nova Capital Management Ltd.

The sale of Ignite marks an exit for North Castle Partners roughly one year after the private equity firm made an initial investment. The Greenwich, Connecticut financial sponsoracquired an undisclosed stake in Ignite in April 2013. The exit comes just two days after New Castle sold International Fitness to TriWest Capital for undisclosed terms.

International Fitness operates fitness clubs in Alberta, Canada.

Ignite and International Fitness are just two of several healthy and sustainable living companies that North Castle has infused with growth capital.

The firm gained recognition in 2007 when it scooped up Atkins from the bankrupt company's bondholders, reportedly paying about $100 million for the no-carbohydrate diet and nutrition company.

In 2010, North Castle sold Atkins to Roark Capital Group for an undisclosed price, but a spokesman said the firm made made back five times its initial investment.

Ignite is the first sale of a portfolio company from the seller's fifth fund, which is geared toward health and wellness.  

North Castle's current portfolio includes such well-known brands as Curves International, a chain of fitness studios for women that the firm merged with Jenny Craig, along with Palladio Beauty Group, Performance Bicycles, World Health, Octane Fitness, Ibex Outdoor Clothing and Flatout Flatbreads.

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