The following is the latest press release from Yankee Candle’s website:
Cross-selling and cross-channel opportunities expected to drive sales growth
South Deerfield, MA – September 3, 2013 – Yankee Holding Corp. and The Yankee Candle Company, Inc. (collectively, “Yankee Candle” or the “Company”) today 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 Worlds Best Loved CandleTM. 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 Companys 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.”
Kent went on to add, “I am very proud of our Yankee Candle team and their proven ability to create scentsational customer experiences, and deliver industry leading financial performance. I dont expect us to change this winning formula, and am excited to work with our new partners on continuing to grow this wonderful business.”
The transaction, which is expected to close early in the fourth quarter of 2013, is subject to customary closing conditions and regulatory approvals.
Kirkland & Ellis LLP acted as counsel to the Company and BofA Merrill Lynch and Barclays acted as financial advisors to the Company in connection with the transaction.
About Yankee Candle
The Yankee Candle Company, Inc. is the leading designer, manufacturer, wholesaler and retailer of premium scented candles, based on sales, in the giftware industry. Yankee Candle has a 43-year history of offering distinctive products and marketing them as affordable luxuries and consumable gifts. The Company sells its products through a North American wholesale customer network of approximately 35,000 store locations, a growing base of Company owned and operated retail stores (561 Yankee Candle Stores located in 46 states and 1 province in Canada as of June 29, 2013), direct mail catalogs, and its Internet website (www.yankeecandle.com). Outside of North America, the Company sells its products primarily through its subsidiary, Yankee Candle Company (Europe), Ltd., which has an international wholesale customer network of approximately 6,400 store locations and distributors covering a combined 57 countries.
About Madison Dearborn Partners
Madison Dearborn Partners, based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. Since MDPs formation in 1992, the firm has raised six funds with aggregate capital of over $18 billion and has completed approximately 125 investments. MDP invests in businesses across a broad spectrum of industries, including basic industries, business and government services; consumer; health care; financial and transaction services; and telecom, media and technology services. For more information, please visit www.mdcp.com. FOR: Madison Dearborn Partners: The Abernathy MacGregor Group: Chuck Dohrenwend, 212-371-5999