Jarden Completes Acquisition of Jostens

Nov 02, 2015, 16:30 ET from Jarden Corporation

MIAMI, Nov. 2, 2015 /PRNewswire/ -- Jarden Corporation ("Jarden" or the "Company") (NYSE: JAH), a leading global consumer products company, announced today that it has completed its acquisition of Visant Holding Corp. ("Visant"), the parent company of Jostens, Inc. and other entities comprising the Jostens business ("Jostens"), for an enterprise value of approximately $1.5 billion. As part of the acquisition financing, on October 30th Jarden closed on a $200 million add-on to its term loan A facility, which matures in December 2019. Jarden funded the acquisition with the proceeds from the aforementioned term loan A as well as from its recently completed common stock offering, senior notes offering and cash on hand.

Martin E. Franklin, Jarden's Founder and Executive Chairman, commented, "We are pleased to have closed on our acquisition of Jostens on a timely basis with the support of the debt and equity markets. Jostens brings end-consumer channel diversification and cross selling opportunities. Jostens offers a solid platform 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."

James E. Lillie, Chief Executive Officer, commented, "We welcome all the employees of Jostens to the Jarden family as part of our Outdoor Solutions segment. Jostens is a meaningful addition to our portfolio, strengthening Jarden's overall financial position. We are well positioned to execute a smooth integration for Jostens and begin implementing initiatives to accelerate Jostens' long term growth. Jostens is expected to enhance our margin and cash flow profile while providing accretion to our 2016 earnings."

Chuck Mooty, Jostens' President and Chief Executive Officer, commented, "I am pleased to now officially be part of the Jarden team. I know that Jostens' employees and independent sales representatives share in my excitement as we will now be able to leverage the resources and brand expertise of Jarden to further innovate and develop our products and services to accelerate our growth."

Barclays Bank PLC acted as Administrative Agent on the $200 million senior secured term loan A facility. Barclays Bank PLC, Credit Suisse Securities (USA) LLC, and UBS Securities LLC were Joint Lead Arrangers and Bookrunners on the senior secured term loan facility. Additionally, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, and UBS Securities LLC acted as lead book-running managers for the recent common stock offering. Barclays and Morgan Stanley & Co. LLC acted as financial advisors and Kane Kessler, P.C. acted as legal counsel to Jarden on the acquisition.

About Jostens Minneapolis-based Jostens provides products, programs and services that help its customers celebrate moments that matter. The company's products include yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional sports segments. The company was founded in 1897 and has over 3,500 employees. For further information about Jostens, please visit www.jostens.com

About Jarden Corporation Jarden Corporation is a diversified, global consumer products company with a portfolio of over 120 trusted, authentic brands. Jarden's record of strong financial performance and organic growth is supported by a focused operating culture coupled with value enhancing acquisitions and shareholder focused capital allocation. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Envirocooler®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew-Cornell®, Mapa®, Millefiori®, NUK®, Pine Mountain®, Quickie®, Spontex®, Tigex®, Waddington, Yankee Candle® and YOU®; Outdoor Solutions: Abu Garcia®, AeroBed®, Berkley®, Campingaz® and Coleman®, Dalbello®, ExOfficio®, Fenwick®, Greys®, Gulp!®, Hardy®, Invicta®, K2®, Marker®, Marmot®, Mitchell®, PENN®, Rawlings®, Shakespeare®, Squadra®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; and Consumer Solutions: Bionaire®, Breville®, Cadence®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rainbow®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®. Headquartered in Florida, Jarden ranks #348 on the Fortune 500 and has approximately 35,000 employees worldwide. For further information about Jarden, please visit www.jarden.com.

Safe Harbor This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's earnings per share and adjusted diluted earnings per share, expected or estimated revenue, meeting financial goals, segment earnings, net interest expense, income tax provision, cash flow from operations, restructuring costs and other non-cash charges, the outlook for the Company's markets and the demand for its products, consistent profitable growth, free cash flow, future revenues and gross, operating and EBITDA margin improvement requirement and expansion, organic net sales growth, performance trends, bank leverage ratio, the success of new product introductions, growth in costs and expenses, the impact of commodities, currencies and transportation costs and the Company's ability to manage its risk in these areas, repurchase of shares of common stock from time to time under the Company's stock repurchase program, our ability to raise new debt, and the impact of acquisitions, divestitures, restructurings, and other unusual items, including the Company's ability to integrate and obtain the anticipated results and synergies from its consummated acquisitions including Jostens. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.

SOURCE Jarden Corporation