Jarden Corporation has completed its acquisition of Yankee Candle Investments from a fund managed by Madison Dearborn Partners for approximately USD1.75bn in cash.
Pro forma for the transaction, Jarden would have had net sales and adjusted EBITDA of approximately USD7.7bn and USD1.0bn, respectively, for the 12 months ended 30 June 2013.
Jarden also closed today on its incremental USD750m senior secured term loan B-1 facility, which matures in 2020.
Jarden funded the transaction with the proceeds from its recently completed common stock offering, proceeds from the aforementioned term loan, and cash on hand.
Martin E Franklin, Jarden’s founder and executive chairman, says: "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 E Lillie, Jarden’s chief executive officer, says: "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 per cent accretion to our adjusted earnings per share, pre synergies."
Harlan M Kent, Yankee Candle’s president and chief executive officer, says: "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."
