Newell Brands has entered into a definitive agreement to acquire Chesapeake Bay Candle from its founders for a purchase price of approximately $75 million.
Chesapeake Bay Candle, with annual net sales of about $55 million, is a developer, manufacturer and marketer of premium candles and other home fragrance products, with an emphasis on consumer wellness and natural fragrance, noted Newell.
The acquisition will become part of Newell’s Live segment, one that includes the company’s appliances and cookware, baby and parenting, food as well as the home fragrance divisions. The Newell brand portfolio already includes Yankee Candle.
The transaction is subject to customary closing conditions, which is expected to occur in the fourth quarter of 2017.