The Carlyle Group said it is combining its portfolio company, PartyLite, with Candle-lite Company, which is backed by Centre Lane Partners LLC, to form Luminex Home Décor & Fragrance Holding Corp. Financial terms weren’t announced. Cincinnati-based Candle-lite designs and makes candles and home fragrance products for the mass merchant, food, and drug retail outlets in the United States. PartyLite is a home décor and fragrance direct selling company.
May 17, 2016 10:05 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Centre Lane Partners, LLC, a New York-based private investment firm, announced today that they have partnered to create Luminex Home Décor & Fragrance Holding Corporation.
This new holding company combines two global candle and home fragrance companies: Candle-lite Company and PartyLite. The two companies will operate as wholly-owned subsidiaries of Luminex HD&F Company, and will establish the foundation to create a leading global omni-channel home décor & fragrance company, leverage their R&D and product development efforts, and ensure broad consumer reach by both companies.
Candle-lite Company, founded in Cincinnati, Ohio in 1840, is a designer, manufacturer and wholesaler of candles and home fragrance products for the mass merchant, food, and drug retail outlets in the United States. From its almost one million-square-foot manufacturing and distribution facility in Leesburg, OH, Candle-lite offers consumers a wide selection of high quality products under its Candle-lite Company, Essential Elements, Revere House, and Royale Classics brands.
PartyLite, founded more than 40 years ago, is a global home décor and fragrance direct selling company. As a designer and manufacturer, PartyLite offers an extensive portfolio of premium candles, flameless products, and home décor accessories through its network of 45,000 sales consultants operating in 24 countries.
Candle-lite’s Chief Executive Officer, Calvin Johnston, will serve as the CEO of the combined companies as well as serve on Luminex’s Board of Directors, along with representatives from The Carlyle Group and Centre Lane Partners. With more than 1,200 employees operating out of 12 offices worldwide, the new corporate office for Luminex will be based out of Candle-lite’s headquarters in Blue Ash, OH.
“Our teams are excited by the opportunities and growth potential the combination of these two great companies offers,” said Johnston. “This structure will enable us to leverage the strengths and capabilities of both businesses, allow us to serve our existing customers and consultants better, and provide a platform for growth by entering new product categories and markets over the coming years.”
PartyLite is a portfolio company of Carlyle Equity Opportunity Fund, a $1.1 billion U.S. middle-market buyout fund.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $178 billion of assets under management across 125 funds and 164 fund of funds vehicles as of March 31, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 36 offices across six continents
About Centre Lane Partners
Centre Lane is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. Industries targeted for investment are broad and diverse with no industry excluded from our consideration. For more information, please go towww.centrelanepartners.com