GREENWICH, Conn. – The Carlyle Group has agreed to acquire Greenwich-based Blyth Inc. for $98 million.
The deal, equating to $6 per share, represents a premium of 105 percent over the closing price of Blyth's common stock Aug. 28.
The acquisition is expected to close in the fourth quarter.
The Goergen family has controlled Greenwich-based Blyth for nearly 40 years. The direct-to-consumer company includes PartyLite and Silver Star Brands.
Blyth CEO Robert B. Goergen, Jr. said, “This is an important day in Blyth’s 40-year history. Carlyle understands what our team has accomplished and supports our vision for the future. Building on our strong consumer relationships, Carlyle, with its proven track record of growing companies, is the right partner to take PartyLite and Silver Star Brands to the next level of creativity and global growth.”
PartyLite products, available in 23 countries, include candles, candle holders, flameless fragrance and wax warmers, as well as holiday and home décor. Silver Star Brands is a direct marketer of consumer gifts and household products.
“Blyth is a pioneer in home fragrance with well-established brands and extreme customer loyalty," said Carlyle Managing Director David Stonehill in a press release. "We expect Carlyle’s deep experience in global consumer businesses will help drive Blyth’s product innovation and growth goals."
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