Maddie James
The Yankee Candle Company, commonly known as Yankee Candle, is an American manufacturer and retailer of scented candles, candle holders, accessories, and dinnerware. The company was founded by Michael Kittredge in 1969 when he crafted his first scented candle from melted crayons as a Christmas gift for his mother. Over the years, Yankee Candle has changed ownership several times, with the most recent merger in 2016, resulting in the formation of Newell Brands.
| Characteristics | Values |
|---|---|
| Name | The Yankee Candle Company, Inc. |
| Founder | Michael Kittredge |
| Year founded | 1969 |
| Current owner | Newell Brands (formerly owned by Jarden Corporation) |
| Headquarters | South Deerfield, Massachusetts |
| Products | Scented candles, candleholders, accessories, and dinnerware |
| Retail presence | 217 small-box format stores in malls across 37 U.S. states and Ontario |
| Sales | Reached $339 million in 2000 |
| Acquisitions | Purchased Illuminations, a candle and home accessories company, in 2006 |
| Spin-offs | Kringle Candle, founded by Michael Kittredge III |
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What You'll Learn
Yankee Candle's founding story
The Yankee Candle Company, Inc. is an American manufacturer and retailer of scented candles, candleholders, accessories, and dinnerware. It is currently a wholly-owned subsidiary of Newell Brands Inc. and is the most recognized name in the candle business, with over 600 fragrances and the country's best-selling candle brand.
The company was founded by Michael "Mike" Kittredge II in 1969 when he was just 16 years old. Too broke to buy his mother a Christmas present, he melted some crayons to create a homemade candle. A neighbour took an interest and wanted to buy one, so with that money, Mike bought enough wax to make two candles—one for his mother and another to sell. He began to design and handcraft candles in his family's kitchen with his father's help and opened a small retail shop.
The company was originally conceived as "Candles by Michael Kittredge," but Kittredge later changed the name to "The Yankee Candle Company." He founded the company with help from his high school friends, Donald MacIver and Susan Obremski. MacIver helped fund the start-up business with his part-time job earnings, and Obremski's inventions of a heated room and a turntable taper wheel allowed for increased production and cost savings.
The company slowly expanded, and in 1989, it was sold to the New York-based private equity company Forstmann Little for $500 million. Forstmann took the company public in 1999, and in 2001, Craig Rydin was hired as CEO. Rydin's major advertising campaign pushed sales to their highest levels yet. After a cancer scare in 1993, Kittredge started handing the company over to a friend and employee. The company was then acquired by various corporations, eventually becoming a part of Newell Brands in 2016.
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The company's growth and expansion
The Yankee Candle Company, founded by Michael Kittredge, has grown and expanded significantly since its inception in 1969. Initially starting as a small business, the company has transformed into a thriving enterprise with a vast network of retail stores and a strong online presence.
One of the pivotal moments in the company's expansion was the involvement of Donald MacIver and Susan Obremski, who were high school friends with Kittredge. MacIver's financial support and Obremski's innovative spirit played a crucial role in the company's growth. Obremski's invention of the turntable taper wheel doubled production while reducing the need for labor hours, marking a significant step forward.
In 1983, the company relocated to South Deerfield, marking a strategic move that positioned them for further expansion. By 1993, Kittredge started handing over the reins to a friend and employee due to a cancer scare. Recognizing the need for substantial capital to finance their expansion goals, the company was sold in 1989 to the New York-based private equity company Forstmann Little for $500 million. This infusion of capital empowered the company to pursue its retail store network expansion plans.
In 1999, Forstmann took the company public, and in 2001, Craig Rydin was hired as CEO. Rydin's leadership proved instrumental as he launched a major advertising campaign that propelled sales to new heights. The Yankee Candle products were picked up by mass retailers such as Linens-N-Things and Bed Bath & Beyond, solidifying their market presence.
The company continued its growth trajectory, and in 2006, they acquired Illuminations, a California-based retailer of high-quality candles and home accessories. This acquisition diversified their brand portfolio and expanded their reach. The Yankee Candle Europe website launch in 2012 further solidified their global presence by offering direct-to-consumer sales.
In 2013, the company was acquired by Jarden, followed by another merger in 2016 when Jarden was purchased by Newell Rubbermaid, forming the new entity Newell Brands. Today, Yankee Candle operates numerous small-box format stores across the United States and has a strong international presence, solidifying its position as a leading candle manufacturer and retailer.
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Changes in ownership over time
The Yankee Candle Company, founded by Michael Kittredge, has undergone several ownership changes since its inception.
Initially, the company was conceived as "Candles by Michael Kittredge," but Kittredge later renamed it "The Yankee Candle Company." With the help of his high school friends, Donald MacIver and Susan Obremski, the company was established. MacIver provided financial support with his part-time job earnings, while Obremski's inventions, such as the turntable taper wheel, doubled production and reduced labour requirements.
In 1989, the company was sold to the New York-based private equity firm Forstmann Little for $500 million. This sale was driven by the need for substantial capital to expand the company's retail store network. Following the sale, the new owners took the company public in 1999, and in 2001, they hired Craig Rydin as CEO. Rydin's leadership and a major advertising campaign led to the company's products being picked up by mass retailers, resulting in record sales.
In 2006, Yankee Candle acquired Illuminations, a California-based retailer of high-quality candles and home accessories. However, the Illuminations brand was phased out in 2009. Subsequently, in February 2007, the company was acquired by the private equity group Madison Dearborn Partners LLC for approximately $1.6 billion.
In 2013, The Yankee Candle Company was acquired by Jarden Corporation for $1.75 billion. This ownership change marked another significant milestone in the company's history. Two years later, in 2015, Newell Rubbermaid announced its intention to acquire Jarden for over $15 billion in cash and stock. This acquisition led to the creation of the new entity, Newell Brands, in 2016.
Despite the various ownership changes, the Kittredge family remained involved in the candle industry. Michael Kittredge III, the founder's son, established Kringle Candle in Bernardston, Massachusetts. Kringle Candle has been producing highly-scented candle products since 2010, carrying on the family legacy of crafting quality candles.
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Acquisitions and mergers
The Yankee Candle Company has been involved in several acquisitions and mergers over the years, with the company changing hands multiple times.
In 1989, the company was sold to the New York-based private equity company Forstmann Little for $500 million. This sale was driven by the need for substantial capital to finance the company's expansion plans, particularly its goal of significantly growing its retail store network. Following this acquisition, the new owners supported the company's expansion and helped increase sales. In 1999, Forstmann took Yankee Candle public.
In 2006, Yankee Candle made an acquisition of its own, purchasing Illuminations, a California-based retailer of high-quality candles and home accessories. The Illuminations brand was maintained and targeted a different demographic than Yankee Candle. However, the Illuminations brand and web store were eventually phased out in 2009.
In 2012, Yankee Candle Europe launched a direct-to-consumer website, further expanding its reach. Around this time, the company also attracted the interest of other buyers. In 2013, Yankee Candle was acquired by Jarden Corporation for $1.75 billion. This acquisition brought Yankee Candle into the Jarden portfolio, which likely provided additional resources and synergies.
However, the acquisitions didn't stop there. In 2015, it was announced that Newell Rubbermaid would acquire Jarden for over $15 billion in cash and stock. This deal combined Jarden and its subsidiaries, including Yankee Candle, into a new entity called Newell Brands, which was finalized in 2016.
The founder of Yankee Candle, Michael Kittredge, also remained active in the industry. After selling Yankee Candle, he founded Kringle Candle with his son, Michael (Mike) Kittredge, in Bernardston, Massachusetts. Kringle Candle has been producing highly-scented candle products since 2010, carrying on the family legacy in the candle industry.
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The role of key individuals
The Yankee Candle Company was founded by Michael Kittredge, who created his first scented candle in 1969 from melted crayons as a gift for his mother. Neighbours began expressing interest in buying his creations, and Kittredge started producing them in larger quantities with the help of his high school friends, Donald MacIver and Susan Obremski. MacIver helped fund the startup business with his part-time job earnings, while Obremski's invention of a turntable taper wheel allowed production to double and later manage the first Yankee Candle Shop.
In 1993, after a cancer scare, Kittredge began handing the company over to a friend and employee. The company was sold in 1989 to the New York-based private equity company Forstmann Little for $500 million and went public in 1999. In 2001, Craig Rydin was hired as CEO, and his major advertising campaign pushed sales to their highest levels yet.
In 2006, Yankee Candle purchased Illuminations, a California-based retailer of high-quality candles and home accessories. On February 6, 2007, the company was acquired by the private equity group Madison Dearborn Partners LLC for approximately $1.6 billion. In 2013, Yankee Candle was acquired by Jarden, which was then merged with Newell Rubbermaid in 2016 to form Newell Brands.
After selling The Yankee Candle Company, Kittredge founded Kringle Candle in Bernardston, Massachusetts, with his son, Michael (Mike) Kittredge III. The Kringle Candle line unites the traditional and the new, with highly scented candle products enjoyed worldwide.
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Frequently asked questions
Yankee Candle was founded by Michael Kittredge in 1969.
Yankee Candle was acquired by Jarden in 2013 for $1.75 billion. In 2015, Newell Rubbermaid announced that it would acquire Jarden for over $15 billion.
The company was sold to New York-based private equity company Forstmann Little for $500 million in 1989. In 1998, Kittredge sold the company to Forstmann Little & Co. and retired. In 2007, it was acquired by Madison Dearborn Partners LLC for $1.6 billion.
Kringle Candle was founded by Michael Kittredge III, the son of Michael Kittredge, the founder of Yankee Candle.
