Newell Rubbermaid Inc. announced it has entered into a definitive agreement to sell Endicia, a developer of global online shipping solutions, to Stamps.com, a leading provider of online postage solutions.
Endicia’s adjusted sales for 2014 were approximately $59 million and were included in income from discontinued operations. The purchase price is approximately $215 million, subject to customary working capital and transaction adjustments. The transaction is expected to close by the end of 2015, subject to certain customary conditions, including regulatory approvals. Robert W. Baird & Co. acted as financial advisor to Newell Rubbermaid on the transaction.
“The announced sale of our Endicia business furthers our strategy of strengthening and focusing our portfolio to create a faster growing, higher margin business,” said Michael Polk, president and CEO, Newell Rubbermaid.
“While a very attractive asset, Endicia is not focused in the core of our portfolio, and under new ownership is in an exciting position to continue innovating and offering the best possible solutions and service for its customers and partners,” said Polk.