Jarden Buying Yankee Candle for about $1.75B

Consumer products company Jarden is buying Yankee Candle for about $1.75 billion, helping to expand its product offerings.

Jarden Corp. founder and CEO Martin Franklin said in a statement Tuesday that this is the Rye, N.Y.-based company's first significant acquisition since April 2010.

Jarden is known for brands such as Crock-Pot, Mr. Coffee and Coleman camping gear.

Yankee Candle President and CEO Harlan Kent said the buyout gives Yankee Candle the resources and scale to strengthen its existing product development and distribution capabilities.

The deal with Yankee Candle Investments LLC's current owner, private equity firm Madison Dearborn Partners LLC, is expected to close early in the fourth quarter.

[Associated Press]