Photo: PartyLite Market Fresh™ Scented Jar Candles on display.
The Carlyle Group has entered a $98 million deal to acquire PartyLite parent Blyth Inc., the New York-based private equity firm said Monday.
Carlyle, which manages $193 billion in assets globally, said it will pay $6 per share of Blyth, more than doubling the stock’s closing price of $2.92 on Friday. The offer has the backing of Blyth’s Chairman, Robert Georgen, and President and CEO, Robert Georgen Jr., who own a combined 38 percent of the company’s stock.
Candle and home décor brand PartyLite generated revenue of $347 million last year, placing it among the industry’s top 50 companies worldwide. Connecticut-based Blyth also markets consumer gifts and household products through Silver Star Brands, sold via catalogs and online.
“This is an important day in Blyth’s 40-year history,” Georgen Jr. said in a statement. “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.”
Carlyle Managing Director David Stonehill said the firm will focus on product innovation and global growth at Blyth. “We are particularly impressed with PartyLite’s network of 40,000 independent consultants who have remarkable passion for the company’s products. We are excited to support their efforts as we grow the company together.”