Former Agenda LLC co-owner Seth Haber is tasked with turning around the bankrupt web retailer.
The deal is worth $1.75 billion, according to the consumer brands company.
Consumer brands manufacturer Jarden Corp. today announced it will buy scented candles manufacturer and online retailer The Yankee Candle Co. Inc. for $1.75 billion. The deal will close in the fourth quarter, Jarden says.
“As a successful, well-managed and well-invested business, Yankee Candle is a solid platform for us to leverage our proven, time-tested and portable brand-building approach and to drive additional value through investments in brand equity, product development and innovation,” says Jarden founder and executive chairman Martin E. Franklin.
Jarden owns more than 120 consumer brands including Coleman, FoodSaver and Oster.
Yankee Candle is No. 373 in the 2013 Top 500 Guide. It had 2012 web sales of $33.0 million, up 6.28% from 2011, according to Internet Retailer estimates.
“This acquisition provides us with the resources and scale necessary to drive our future success and will further strengthen our existing product development and distribution capabilities,” says Yankee Candle president and CEO Harlan M. Kent. “Jarden’s similar niche consumer strategy and complementary consumer portfolio will help to accelerate our expansion.”
Neither company could immediately be reached for further details.
In August 2012, Yankee Candle hired Brad Wolanskyas its first president of direct and chief marketing officer in order to beef up its digital presence and direct-to-consumer sales, the company said at the time.