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Pack of private equity firms sniff around Yankee Candle buyout

5 Apr 2013

yankee candlePrivate equity buyers are reportedly queuing up to bid on Madison Dearborn-backed candle and air freshener maker Yankee Candle.

Bain Capital, Advent International, CVC Capital Partners, Clayton Dubilier & Rice and Ares Management have all made it through the first round of bidding according to Reuters, which said the buyout could value Yankee at $2bn.

Madison bought into the business in 2006 through a $1.7bn take-private deal, which included the assumption of about $300m in debt.

A $2bn valuation would mean Yankee was worth 10 times its $200m EBITDA according to people familiar with the matter who spoke with Reuters.

The 44-year-old business had a net income of $56.3m in fiscal 2012, up slightly from the $54.5m it registered the previous financial year.

Chicago-based Madison Dearborn limped across the finish line for its last fund by closing it on $4.1bn in 2010.

The firm had originally targeted $10bn for its sixth buyout fund, which was launched in 2007 before the financial crisis took hold.

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