UPDATE 1-Jarden to buy Yankee Candle for $1.75 bln
Sept 3 (Reuters) - Jarden Corp, known for its Mr. Coffee brand, said it entered an agreement to acquire scented candle maker Yankee Candle Co Inc for $1.75 billion from a fund managed by private equity firm Madison Dearborn Partners LLC.
Consumer products company Jarden, which sells items such as Crock-Pot slow cookers and Sunbeam electric blankets, said it will fund the transaction with cash, common equity and a mix of bank debt and bonds.
Yankee Candle, founded in 1969, is the largest scented candle company in the United States. The company, which also sells home fragrance products, car fresheners and candle accessories, was acquired by Chicago-based Madison Dearborn for $1.6 billion in 2006 and was put up for sale in March this year.
Jarden said it expects the transaction to add to its adjusted earnings per share by about 10 percent even before synergies kick in.
The cash deal - the company's first since April 2010 - is expected to close in the fourth quarter of 2013.
News of the deal was first reported by the Wall Street Journal. ()
Jarden's shares closed at $42.95 on the New York Stock Exchange on Friday.