Thursday October 3rd, 2013 - 3:10PM
Today, Jarden Corp., announced that it has completed the acquisition of Yankee Candle Investments LLC from a fund managed by private equity firm Madison Dearborn Partners, LLC. The Yankee Candle price tag was $1.75 billion in cash, subject to final working capital and other adjustments, Jarden stated.
Martin Franklin, Jarden’s founder and executive chairman, commented on the announcement, saying, “We are pleased to have closed on our acquisition of Yankee Candle with the strong support of the equity and term loan financing markets. We are also pleased to close the Yankee Candle transaction early in the fourth quarter, as we had originally anticipated.”
James Lillie, Jarden’s CEO, added, “We welcome Yankee Candle to the Jarden family as part of our Branded Consumables segment. Yankee Candle has compelling growth opportunities, both here and abroad, providing Jarden cross-platform growth potential as well as immediate financial benefits. Yankee Candle will enhance our overall margins, earnings, and cash flow profile, and is expected to provide approximately 10% accretion to our adjusted earnings per share, pre synergies.”