Newell Brands Inc. announced it will sell Town and Country, Mo. based Rawlings Sporting Goods Company, Inc., to Los Angeles-based private equity firm, Seidler Equity Partners (SEP). Major League Baseball will co-invest with SEP in the deal, which is worth approximately $395 million.

The Rawlings official baseball that was used in the 2015 All Star Game. Photo by Bill Greenblatt/UPI

Rawlings reported revenue of $330 million last year.

“MLB is excited to take an ownership position in one of the most iconic brands in sports and further build on the Rawlings legacy, which dates back to 1887,” said Chris Marinak, executive vice president of strategy, technology and innovation for MLB, in a statement. “We are particularly interested in providing even more input and direction on the production of the Official Ball of Major League Baseball, one of the most important on-field products to the play of our great game.”

Rawlings employs about 150 people in the St. Louis area.

“Rawlings is an iconic brand and Seidler Equity Partners, in partnership with Major League Baseball, will identify new opportunities for this brand and for the company’s employees,” said Michael Polk, Newell’s CEO, in a statement. “This transaction is a pivotal step in our company’s transformation to become a more focused, forward-facing consumer goods company with tremendous opportunities.”