Global consumer products company Jarden Corp. agreed to acquire Yankee Candle for $1.75 billion in cash from its private equity owner Madison Dearborn Partners.
Jarden offers more than 120 well known brands in three major categories – outdoor solutions, consumer solution and branded consumables – but Yankee Candle will instantly become one of, if not the most, recognizable brand in the lineup. Yankee Candle brand products are sold in roughly 35,000 retail locations in North America.
“The iconic Yankee Candle brand is a natural extension of our existing portfolio and of our branded consumables business segment,” said Jarden founder and executive chairman Martin Franklin. “As a successful, well-managed and well-invested business, Yankee Candle is a solid platform for us to leverage our proven, time-tested and portable brand-building approach and to drive additional value through investments in brand equity, product development and innovation. As our first significant acquisition since April 2010, Yankee Candle embodies all of the characteristics of our market-leading brands, while offering a compelling financial and strategic value proposition."
The deal is said to immediately enhance the company’s financial performance, create new revenue growth opportunities and bring new talent into the Jarden work force.
“Our complementary strengths and skillsets 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,” said Jarden CEO Jame Lillie. “ Jarden's global presence, capabilities and scale will facilitate Yankee Candle's expansion into new markets and geographies to further drive top-line growth and profitability. “