shametamer
04-10-2007, 04:19 PM
Jarden Buys Pure Fishing Tue Apr 10, 2007
By Aarthi Sivaraman
NEW YORK (Reuters) - Jarden Corp. (JAH.N: Quote, Profile , Research) said it bought fishing tackle company Pure Fishing Inc. for $300 million in cash, its first acquisition of an outdoor products business in 15 years.
Jarden, which makes consumer goods from cookware to playing cards and camping gear, said on Tuesday the deal also includes a $100 million five-year note and warrants for its common stock.
Rye, New York-based Jarden plans to combine Pure Fishing with its Coleman Company Inc., which sells lanterns, stoves, tents, sleeping bags, backpacks, coolers, outdoor furniture and grills.
"We are going to have opportunities on manufacturing and distribution fronts and cross-marketing opportunities ... where we can create more profitability," said Jarden Chief Executive Martin Franklin in an interview.
The deal will also aid Pure Fishing's presence in Japan, which is a strong market for Jarden, Franklin said.
"Japan is a very strong outdoor fisherman's market from the sports perspective, and with our strong platform we can do a lot to help them grow their business there."
Pure Fishing's brands include Abu Garcia, Berkley and Gulp, while Jarden's brands include Sunbeam, Crock-Pot and Mr. Coffee among others.
By Aarthi Sivaraman
NEW YORK (Reuters) - Jarden Corp. (JAH.N: Quote, Profile , Research) said it bought fishing tackle company Pure Fishing Inc. for $300 million in cash, its first acquisition of an outdoor products business in 15 years.
Jarden, which makes consumer goods from cookware to playing cards and camping gear, said on Tuesday the deal also includes a $100 million five-year note and warrants for its common stock.
Rye, New York-based Jarden plans to combine Pure Fishing with its Coleman Company Inc., which sells lanterns, stoves, tents, sleeping bags, backpacks, coolers, outdoor furniture and grills.
"We are going to have opportunities on manufacturing and distribution fronts and cross-marketing opportunities ... where we can create more profitability," said Jarden Chief Executive Martin Franklin in an interview.
The deal will also aid Pure Fishing's presence in Japan, which is a strong market for Jarden, Franklin said.
"Japan is a very strong outdoor fisherman's market from the sports perspective, and with our strong platform we can do a lot to help them grow their business there."
Pure Fishing's brands include Abu Garcia, Berkley and Gulp, while Jarden's brands include Sunbeam, Crock-Pot and Mr. Coffee among others.