Super Bowl winning players get them, even high school and college graduates get them. Rings. Whether championship or to mark a special occasion Minnesota-based Jostens, which began in Owatonna, announced that it was sold on Wednesday for $1.3 billion dollars. 

Jostens parent company, Newell Brands,  sold the ring manufacturer to the investment firm Platinum Equity for $1.3 billion. The Minneapolis Star Tribune reported that the deal is part of an effort by Hoboken, N.J.-based Newell to simplify its portfolio of businesses.

The buyer, Platinum Equity, is a Los Angeles-based firm led by billionaire Tom Gores who has several investments in Minnesota, including the ownership of some sizable hotels in the Twin Cities according to the Star Tribune.

Newell acquired Jostens as part of its 2015 purchase of the Minnesota company’s then-parent Jarden Corp. Newell at the time was known as the owner of Rubbermaid and, with Jarden, also picked up household name brands like Coleman, Mr. Coffee, and Yankee Candle.

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