Newell Brands Inc. on Tuesday announced it had agreed to sell Town and Country-based Rawlings Sporting Goods Company, Inc., to a Los Angeles-based private equity firm Seidler Equity Partners (SEP).
Major League Baseball will co-invest with SEP in the deal, which is worth approximately $395 million.
Founded in 1887, Rawlings makes sporting goods, mostly in the baseball category. The company had revenue of about $330 million last year. But Hoboken, N.J.-based Newell Brands announced plans in January to shed assets and close factories as it concentrates on nine core consumer divisions.
“MLB is excited to take an ownership position in one of the most iconic brands in sports and further build on the Rawlings legacy, which dates back to 1887," said Chris Marinak, executive vice president of strategy, technology and innovation for MLB, in a statement.