Jarden Finalizes Yankee Candle Acquisition
RYE, N.Y.-Jarden Corp. has completed its acquisition of Yankee Candle from a fund managed by Madison Dearborn Partners, a private equity firm.
The purchase price was about $1.75 billion in cash, which is subject to final working capital and other adjustments. James Lillie, Jarden's CEO, said Yankee Candle would become part of the Jarden's Branded Consumables unit. "Yankee Candle will enhance our overall margins, earnings and cash-flow profile, and is expected to provide approximately 10 percent accretion to our adjusted earnings per share," Lillie said.
Harlan Kent, Yankee Candle's president and CEO, said, "I am pleased to now officially be part of the Jarden team. I know that Yankee Candle's employees share in my excitement as we look forward to the next stage of our growth as part of the Jarden family."