PE firm Madison Dearborn seeks to sell Yankee Candle
12 Mar 2013
Chicago-based private equity firm Madison Dearborn Partners is planning to sell Yankee Candle Co Inc, the largest scented candle company in the US, which it had acquired in 2006 for around $1.6 billion, Reuters yesterday reported, citing three people familiar with the matter
Madison Dearborn has hired Barclays and Bank of America Merrill Lynch to help in the sale process, said the report.
Massachusetts-based Yankee Candle has become the most-recognised name in the candle business in the US.
Yankee Candle was founded in 1969 by 17-year-old Mike Kittredge.
Too broke to buy his mother a present, Mike melted some crayons to make her a candle. A neighbour saw it and convinced Mike to sell the candle to her. With that small stake, he bought enough wax to make two candles - one for his mom's present, and another to sell. That was the birth of Yankee Candle.
Today, with over 150 fragrances, Yankee Candle offers the world's largest selection of candle and home fragrance scents. In addition to scented candles, it also provides a wide range of home fragrance products, car fresheners and candle accessories.
Yankee Candle sells its products through over 500 company-owned retail stores across the US, and generated revenue of $844.2 million in 2012.
