Yankee Candle Company to Join Jarden Corporation’s Portfolio of Leading Branded Companies
Yankee Holding Corp. and The Yankee Candle Company, Inc. (collectively, “Yankee Candle” or the “Company”) this week announced that Jarden Corporation (“Jarden”) (NYSE: JAH), a leading global consumer products company, has entered into a definitive purchase agreement to acquire Yankee Candle from a fund managed by Madison Dearborn Partners, LLC for approximately $1.75 billion in cash and up to $55 million in additional cash earn-out payments based upon achievement of certain performance targets, subject to working capital and other adjustments.
This marks the next chapter in the 43-year history of Yankee Candle Company which has established itself as the World’s Best Loved Candle. The Company and its owners, Madison Dearborn Partners, believe joining forces with Jarden, a successful Fortune 500 company, provides the best long term growth platform for the business, as well as the best return for the Company’s investors.
“This is an exciting opportunity for Yankee Candle to join a company that shares our passion for brand building, product quality, and customer service,” said Harlan Kent, President and Chief Executive Officer of Yankee Candle. “In joining the Jarden family of companies, we open the door to opportunities to share best practices and technology, partner with their go to market teams, cross market with their 120 plus leading brands, and leverage their global scale and presence to continue to grow our International business. We also look forward to continuing to open new Yankee Candle stores, growing our Wholesale, Consumer Direct, and Fundraising businesses, and leveraging our brand strength, unparalleled reputation for quality and ‘Made in America’ heritage.”
The transaction, which is expected to close early in the fourth quarter of 2013, is subject to customary closing conditions and regulatory approvals.