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.