CHENNAI: Manipal-based home fragrance company Primacy Industries on Thursday said that its US arm MVP Group International is set to acquire Midwest-CBK — a leading candle, gift, holiday and home decor company with over 100 years of experience in the giftware industry.
The combined group will be one of the world’s largest players in the private label and branded scented candles, home décor items and giftware with turnover of more than $300 million. It has operations in the US, Europe, India, Vietnam, China and Hong Kong.
The acquisition is expected to close before May 31, 2011.
Commenting on the acquisition, Gautham Pai of the Manipal Group, and CMD of Primacy Industries, stated, “We are pleased to have Midwest-CBK as part of Primacy’s growing family. Through this strategic acquisition Primacy gets distribution into more than 30,000 premium independent stores and entry into the high-end segment.”
He further said, “The strength of Primacy-MVP’s core competency of global sourcing, strategic marketing and branding initiatives coupled with Midwest-CBK’s innovative design and development team and large, established customer base will further our overall growth strategy in the premium channel in branded candles, seasonal decorative accessories, décor and giftware.”
Primacy also owns Ekam Candles, one of the leaders in high quality, premium scented candles in India.
Midwest-CBK was earlier a division of Blyth Inc, a NYSE listed company. Its key brands include household names like Colonial Candle, Seasons of Cannon Falls, and CBK.
Primacy Industries is one of the top global manufacturers of premium scented candles. Its US arm, MVP Group International, is the world’s largest private label scented candle company.