(Reuters) - Jarden Corp (N:JAH) - owner of Sunbeam kitchen appliances and Coleman outdoor gear - said it would buy Jostens Inc, a maker of class rings and yearbooks, in a deal worth $1.5 billion.
Jostens is owned by Visant Holding Corp, which is managed by investment firm KKR, aPriori Capital Partners and others.
Visant also owns school awards maker Neff Motivation Inc and Phoenix Color Corp, which makes books and plastic covers.
Jostens, founded by Otto Josten in 1897, also makes championship rings, caps and graduation gowns, and varsity jackets.
The company generates annual revenue of about $740 million.
This is Jarden's second large acquisition this year. It said in July it would buy disposable tableware maker Waddington Group for $1.35 billion.
Martin Franklin, Jarden's founder and chairman, has built the company through acquisitions, making it one of the largest diversified consumer products makers in the United States, selling everything from firewood to condoms.
Jarden said Jostens will add to adjusted earnings per share in 2016 and will be reported as part of Jarden's outdoor solutions segment.
The transaction is expected to close in the fourth quarter.
Barclays (L:BARC) and Morgan Stanley & Co LLC (N:MS) were financial advisers to Jarden and Kane Kessler, P.C. was legal adviser. Jefferies LLC was financial adviser to Visant and Simpson Thacher & Bartlett LLP the legal adviser.
Jarden's shares were up 2 percent at $51.73 in premarket trading on Wednesday.