Florida's Jarden Corporation acquires Visant Holding in $1.5 billion deal.
Florida-based consumer products company Jarden Corporation announced the completion of its acquisition of Jostens’ parent company, Visant Holding Corp., in a transaction worth approximately $1.5 billion — plus a $200 million add-on — Monday from Miami.
"We are pleased to have closed on our acquisition of Jostens on a timely basis with the support of the debt and equity markets,” Martin Franklin, Jarden's founder and executive chairman, said. “Jostens brings end-consumer channel diversification and cross-selling opportunities … for us to leverage our proven, time-tested approach to driving organic growth and creating additional value through continued investments in product development and innovation."
Barclays Bank PLC, Credit Suisse Securities (USA) and UBS Securities assisted in transaction logistics, with Morgan Stanley & Co. acting as financial advisers and Kane Kessler providing legal counsel.
"We welcome all the employees of Jostens to the Jarden family as part of our Outdoor Solutions segment,” CEO James Lillie said. “Jostens is a meaningful addition to our portfolio, strengthening Jarden's overall financial position.”
Chuck Mooty, Jostens' president and CEO, echoed the excitement of the transition, noting that he looked forward to utilizing Jarden’s resources and branding proficiency for product development and growth.
"I am pleased to now officially be part of the Jarden team,” Mooty said.
Jarden, with a portfolio of over 120 trusted brands ranging from coffee and candles to home appliances and safety products, ranks 348th on the Fortune 500 and employs over 35,000 worldwide. Jostens, based in Minneapolis with over 3,500 employees, has offered commemorative products for clients including schools, colleges and athletic organizations since 1897.
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