Jarden Corporation ("Jarden" or the
"Company") JAH, a leading global consumer products company, announced
today that it has entered into a definitive purchase agreement to acquire
Yankee Candle Investments LLC ("Yankee Candle"), a leading specialty-branded
premium scented candle company in the United States, from a fund managed by
Madison Dearborn Partners, LLC, a private equity firm, for approximately $1.75
billion in cash, subject to working capital and other adjustments.
The transaction will extend Jarden's portfolio of market-leading, consumer
brands in niche, seasonal staple categories, while creating opportunities in
cross-selling, broadening the global distribution platform, and deepening
Jarden's talent bench. Upon closing the transaction, Jarden would have pro
forma net sales and adjusted EBITDA of approximately $7.7 billion and $1.0
billion, respectively, for the twelve months ended June 30, 2013. As an
addition to Jarden's Branded Consumables segment, Yankee Candle will further
balance Jarden's portfolio, expanding this segment to approximately 35% of
combined sales. The transaction is expected to be funded with cash on hand,
common equity and the balance through a mix of bank debt and bonds.
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