Cendant Corp., New York, and Doughty Hanson & Co. Limited today announced the completion of the sale of North American Outdoor Group (NAOG) to an affiliate of Doughty Hanson for approximately $150 million in a leveraged recapitalization transaction.
Cendant will receive about $140 million in cash at closing and will retain approximately 6% of NAOG’s equity.
NAOG, Minnetonka, MN, is a lifestyle affinity membership organization with over 3.6 million members. It operates six special interest clubs including PGA TOUR Partners Club, North American Hunting Club, North American Fishing Club, Handyman Club of America, National Home Gardening Club, and Cooking Club of America.
Cendant provides consumer and business services, including franchise systems, providing outsourcing solutions and direct marketing. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services primarily to customers of its affinity partners.
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