Jarden Corporation has announced plans to acquire Yankee Candle Investments from a fund managed by the private equity firm Madison Dearborn Partners for approximately $1.75 billion in cash.
Jarden is ranked No. 52 in License! Global’s exclusive Top 150 Licensors list, bringing in an estimated $1 billion in retails sales from licensed merchandise in 2012.
The purchase will expand Jarden's portfolio of consumer brands in niche, seasonal staple categories, which also includes Mr. Coffee, Rawlings and Sunbeam.
"Not only will this acquisition immediately enhance our financial performance and create exciting new revenue drivers, but also it will expand the deep bench of talent that we have developed over the years. Our complementary strengths and skill sets pave the way for new cross-selling opportunities, cross-brand collaboration, partnerships and cross-business support, accelerating revenue growth across our global platform and driving long-term shareholder value,” says James E. Lillie, chief executive officer, Jarden.
The deal is expected to close early in the fourth quarter of 2013, subject to customary closing conditions and regulatory approvals.
"This is a transformative milestone for Yankee Candle. Over the past 40 years, we have built a truly iconic brand with a deeply loyal customer base. Jarden is well known as a stable, long-term owner of businesses, and this will provide us with a perfect platform on which to grow,” says Harlan M. Kent, president and chief executive officer, Yankee Candle. “This acquisition provides us with the resources and scale necessary to drive our future success and will further strengthen our existing product development and distribution capabilities.”