North Castle is selling the thermal mug and hydration bottle business just a little over a year since its original investment which it announced in April 2013.
Ignite designs and sells drinks containers under the Contigo and Avex brands. The business expects to make $125m net sales in 2014.
Castle founder and MD Chip Baird said, “As a focused fund, North Castle identifies high-growth, niche segments within larger industries, and partners with extraordinary management teams to build great companies.
“We believe that Ignite, as part of the Newell Rubbermaid family of brands, is well positioned to be a global leader in two of the fastest growing segments of the housewares industry.”
Newell said it is likely to finance the purchase through a combination of organic cash flow and loans. The companies are looking to complete the sale by the third quarter of 2014.
In May AltAssets revealed that North Castle was more than two-thirds of the way to raising its fifth buyout fund after pulling in more than $170m from 143 investors.
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