Jarden Agrees To Buy Visant Holding For Enterprise Value Of $1.5 Bln

(RTTNews) - Jarden Corp. (JAH), a consumer products company, has entered into a definitive purchase agreement to acquire Visant Holding Corp. from investment funds managed by KKR, aPriori Capital Partners, and other stockholders for an enterprise value of $1.5 billion.

The transaction is expected to be accretive to Jarden's adjusted earnings per share in 2016. It is expected to close in the fourth quarter of 2015.

Visant Holding is the parent company of Jostens, Inc. and other entities comprising the Jostens business.

Jostens' product portfolio is made up of high quality yearbooks, class and championship rings for students and professional athletes, caps and gowns, diplomas, and varsity jackets.

For Jarden, the transaction adds a market-leading, niche consumer brand to its portfolio, and brings best-in-class customizable production capabilities in printing, jewelry, and apparel. The deal is expected to enhance Jarden's overall gross profit and EBITDA margins.

Jostens, which generates about $740 million in annual revenue, will be reported as part of Jarden's Outdoor Solutions segment. Including Jostens, Jarden's combined revenue for the twelve month period ended June 30, would have been around $10 billion.

Jarden has received a financing commitment for the full amount it needs to consummate the transaction. The company may choose to fund a portion of the transaction with excess cash on hand, bonds, bank debt and/or common equity.