NEWS | DECEMBER 2018
Pure Fishing finds new owners
Michael Polk
Z-Man attracts top award
for its latest lures during
Z-Man National Sales Manager Glenn Young (middle) accepts the President’s Award.
Lure expert Z-Man Fishing
Products has beaten more
than 300 tackle fi rms to a
prestigious angling award
at a major wholesale event
in the USA.
The fi rm was honoured
during the Pitman Creek
Wholesale autumn show
for demonstrating and
achieving the highest level
of excellence in operations
and customer experience
with its products during the
year.
Pitman Creek’s President
and CEO, James S. Coffey,
said, “President’s Award
recipients exemplify
the very best in all
aspects of operations,
sales performance and
partnership. This is an
opportunity for us to honour
those suppliers who are
truly the best of the best.”
Pitman Creek experienced
a staggering 425 per
cent increase in sales of
Z-Man Fishing Products.
Further cementing its
recognition among Pitman
Creek partners, Z-Man
was acknowledged for
consistent participation in
the fi rm’s programs, adding
value to dealers as well as
continuous, exceptional
product innovation.
Receiving the award,
Z-Man National Sales
Manager Glenn Young said,
“Time has fl own by since
those fi rst years of working
with the folks at Pitman
Creek, developing the right
assortment and the right
sales plan to help grow their
Z-Man business.
“To be honest, I was
initially surprised we won
this award. But when you
look at the work and support
Pitman Creek has put in,
and couple that with our
efforts at Z-Man, I probably
shouldn’t be that surprised.
The award truly refl ects the
great partnership between
our companies.”
After many
months of
speculation
and
rumours
Newell
Brands has
signed a
defi nitive agreement to sell
Pure Fishing, which includes
some of the best-known
tackle brands.
The fi rm, whose brands
encompass Abu Garcia, All
Star, Berkley, Chub, Fenwick,
Greys, Hardy, Hodgman,
Johnson, JRC, Mitchell, Penn,
Pfl ueger, Sebile, Shakespeare,
SpiderWire, Stren, and Ugly
Stik has been acquired
by Sycamore Partners, a
leading private equity fi rm
specialising in consumer,
distribution and retailrelated
investments.
The New York-based
private equity fi rm also
partners with management
teams to improve the
operating profi tability
and strategic value of its
business. To date, Sycamore
Partners has approximately
$10 billion in assets under
management.
The fi rm’s investment
portfolio currently includes
Belk, Coldwater Creek,
CommerceHub, Hot Topic,
MGF Sourcing, NBG Home,
Staples, Inc., Staples United
States Retail, Staples Canada,
Talbots, The Limited and
Torrid.
Gross proceeds from the
Pure Fishing divestiture
are anticipated to be $1.3
billion, subject to customary
working capital and
transaction adjustments.
It was in 2017 that net
sales for Pure Fishing
were approximately $556
million. Newell Brands has
been trying to simplify its
business after it became too
spread out and, in total, the
company said it aims to sell
non-core businesses that
made up about 35 per cent of
its net sales.
Michael Polk, Newell
Brands’ President and CEO
said, “We are pleased to
announce another step
forward in our Accelerated
Transformation Plan, with the
signing of the Pure Fishing
and Jostens transactions.
We have full confi dence
that these businesses will
continue to thrive under new
ownership, as they leverage
their strong positions in the
market place.”