Jarden completes acquisition of Yankee Candle
Rye, N.Y. — Jarden Corporation, a global consumer products company, announced that it has completed its acquisition of Yankee Candle Investments LLC from a fund managed by Madison Dearborn Partners for approximately $1.75 billion in cash, subject to final working capital and other adjustments.
In a release, James E. Lillie, Jarden’s CEO stated: “Yankee Candle has compelling growth opportunities, both here and abroad, providing Jarden cross-platform growth potential as well as immediate financial benefits. Yankee Candle will enhance our overall margins, earnings, and cash flow profile and is expected to provide approximately 10% accretion to our adjusted earnings per share, pre synergies."
Leadership change at Nordstrom’s HauteLook
Seattle — HauteLook, an online flash sale retailer owned by Nordstrom, announced that founder Adam Bernhard is stepping out of the CEO role and day-to-day operations of the business, but will remain with HauteLook in an advisory capacity. Terry Boyle will remain as president, reporting to Jamie Nordstrom, president of Nordstrom Direct. With HauteLook fully operating as a division of Nordstrom, no CEO will be appointed in Bernhard’s place
Since Nordstrom purchased HauteLook nearly three years ago, Bernhard helped take the business from just over four million members to more than 14 million, while achieving impressive sales growth.
"Since Adam started this business in 2007, he has worked tirelessly to build a great team and bring a compelling shopping experience to his customers," said Jamie Nordstrom. "Even after selling the business to us, his commitment to scaling the business and bringing it to profitability never wavered. Adam and his team have more than held up their end of the bargain, and we are thrilled to be in a position where he can pass the reins to Terry and focus on some new opportunities for us."
Stater Bros. VP of real estate passes away
San Bernardino, Calif. — Stater Bros. Markets announced that its VP of real estate, Mike Slaton, died suddenly on Sept. 28.
As a tribute to Slaton, the new 44,000 sq. ft. Stater Bros. supermarket, which opened last week in Redlands, Calif., will be dedicated in his honor.
“Mike was a very loyal and committed member of the Stater Bros. Family and started his career with Stater Bros. as a Courtesy Clerk in Redlands, California when he was 16 years old. His contributions to our company were immeasurable and he will be deeply missed by all who knew him,” stated Chairman and CEO Jack H. Brown.
The family has requested donations in Slaton’s honor be made to Stater Bros. Charities and a scholarship fund will be set up in his name at California State University, San Bernardino, his alma mater. Please send checks to Stater Bros. Charities, P. O. Box 150, San Bernardino, California, 92402.