Newell Rubbermaid to acquire Chicago water bottle maker Ignite for $308 million

Chicago-based Ignite USA LLC, a maker of travel mugs and water bottles, will be acquired by Newell Rubbermaid for $308 million.

Ignite, founded in 1999, sells its products under two brands: Avex and Contigo, whose net sales are predicted to reach $125 million this year. In 2010, Ignite introduced Autoseal technology, a proprietary closing apparatus that prevents spills.

The deal was announced Tuesday by Greenwich, Conn.-based North Castle Partners, a private equity firm that counts Ignite among its portfolio companies. Ignite has grown 35 percent year over year for the past four years, officials said.

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