Newell Brands Inc. has entered into a definitive agreement to acquire Chesapeake Bay Candle from its founders for a purchase price of $75 million, subject to customary working capital adjustments. Based in Rockville, Maryland, Chesapeake Bay Candle is a leading developer, manufacturer and marketer of premium candles and other home fragrance products, focused on consumer wellness and natural fragrance. The company is a fast-growing business, with annual net sales of approximately $55 million.
The acquisition will be reported as part of Hoboken-based Newell Brands’ Live segment.
The transaction is subject to customary closing conditions and will be funded from cash on hand at the time of closing, which is expected to occur in the fourth quarter of 2017.