ATLANTA — Newell Rubbermaid Inc. plans to acquire Ignite Holdings LLC, a designer and marketer of durable beverage containers, from private equity firm North Castle Partners for $308 million.

Plans call for the acquired business, including Ignite’s Contigo and Avex brands, to become part of Newell Rubbermaid’s home solutions unit, joining the Rubbermaid, Calphalon, Goody and Levolor brands, Newell Rubbermaid said Monday.

"Ignite has a great track record of growth, establishing a leading share position in two of the fastest-growing consumer durable categories in North America. Their commitment to leverage great design to deliver differentiated products is evident in their results," stated Michael Polk, president and chief executive officer of Newell Rubbermaid. "The acquisition of Ignite marks the next step in the growth game plan as we transform Newell Rubbermaid into a larger, faster-growing, more global and more profitable company."

Ignite is expected to deliver $125 million of net sales in 2014 and has a strong growth track record in the on-the-go thermal and hydration beverage containers market, achieving a historical four-year sales compound annual growth rate of 35%, Newell Rubbermaid reported. The company added that it plans to reinvest a portion of Ignite’s profitability to more aggressively build the Contigo and Avex brands.

The acquisition is expected to close by the end of the third quarter, pending customary conditions and regulatory approvals.

"We are delighted to have found a long-term strategic owner for the business who shares our pride in the achievements and strength of the company, but can bring a new level of investment and global perspective," commented Sami El-Saden, CEO of Ignite.

Newell Rubbermaid posted 2013 sales of $5.7 billion. Its other consumer and commercial product brands include Sharpie, Paper Mate, Rubbermaid Commercial Products, Irwin, Lenox, Parker, Waterman, Graco, Aprica and Dymo.