Newell Brands pays $75M for Maryland candle company

Newell Brands Inc., based in Hoboken, has signed a definitive agreement to acquire Chesapeake Bay Candle from its founders for $75 million, it announced recently.

Newell, which makes and distributes a variety of consumer goods, including Yankee Candle, will record the deal for the Rockville, Maryland-based business under its Live segment, it said in a news release.

Chesapeake Bay Candle, a manufacturer of premium candles and home fragrance products, has annual net sales of about $55 million, Newell said.

The transaction is expected to close in the fourth quarter, subject to customary conditions and approvals. Newell said it will be funded from cash on hand at the time of closing.