Multi-channel productivity and time management products retailer Franklin Covey Co. and Peterson Partners Inc. have signed an agreement to create Franklin Covey Products LLC. At the new company’s core will be Franklin Covey’s consumer business unit, which includes e-commerce site FranklinCovey.com, 70 retail stores, wholesale business, international product channels, and other related distribution channels, including government product sales and domestic printing and publishing operations.

The new company will be controlled by Peterson Partners and will purchase the Franklin Covey consumer business unit’s assets for $32 million in cash, subject to adjustments for net working capital. Franklin Covey will invest $1.7 million to purchase a 19.5% voting interest in the new company, will make a $1 million interest-bearing preferred capital contribution and also will have the opportunity to earn contingent license fees if the new company achieves performance objectives.

Products and retail stores will continue to carry the Franklin Covey name.

Franklin Covey, No. 206 in the Internet Retailer Top 500 Guide, says it plans to use the sale proceeds to repurchase shares of its common stock through a Dutch auction tender offer, which the company expects to take place soon after the transaction closes. Closing is expected before the end of July, the company says.

The company says it will focus resources on the continued expansion of its training, consulting, media and thought leadership businesses, which currently operate in 147 countries.

Peterson Partners is an investment firm based in Salt Lake City that specializes in investing in small to mid-sized companies such as JetBlue, Making Memories and EnergySolutions.