FranklinCovey said Thursday that it has entered into an agreement with Peterson Partners to create a new company, FranklinCovey Products LLC.

The new company will develop FranklinCovey's planners and other consumer-products businesses, allowing FranklinCovey to focus on expanding its training and consulting businesses.

FranklinCovey Products, which will be controlled by Peterson Partners, will purchase most of the assets of FranklinCovey's Consumer Solutions Business Unit for $32 million in cash, subject to adjustments for net working capital, FranklinCovey said in a news release. FranklinCovey will invest $1.7 million to purchase a 19.5 percent voting interest in the new company, will make a $1 million interest-bearing capital contribution and will also have the opportunity to earn contingent license fees generated from the new company.

FranklinCovey plans to use the sale proceeds to repurchase "a substantial number" of shares of its common stock, the news release said.

Sarah Merz, the consumer unit's president, will become chief executive officer of the new company.