Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of beverage containers, in a deal valued at $308 million.
The Contigo and Avex lines include plastic water bottles, pitchers and other products. Contigo is expected to deliver sales of $125 million in 2014, according to an Ignite news release.
Newell Rubbermaid, headquartered in Sandy Springs, Ga., reported 2013 sales of $5.7 billion. The company plans to reinvest some of Ignite’s profits in aggressively building the new brands, according to its statement on the deal.
The acquisition is expected to close by the end of the third quarter of this year.
Ignite is owned by Greenwich, Conn.-based private equity firm North Castle Partners LLC.