UPDATE: Midwest-CBK To Be Acquired
Midwest's Executive Team to Remain at Helm
GDA Staff -- Gifts and Dec, 4/5/2011 9:37:00 AM
Charleston, SC - Blyth Inc. signed a definitive agreement to sell its seasonal decorations, candle and home decor division, Midwest-CBK, to MVP Group International, a Charleston-based manufacturer of candles and home fragrance products. The deal for Midwest-CBK, whose key brands include Colonial Candle, Seasons of Cannon Falls and CBK, is expected to close before May 31. Terms of the transaction were not immdiately disclosed; however Blyth is a public company, so further financial details can be expected after the closing. MVP is privately held.
Midwest-CBK president Rick Contino told Gifts & Decorative Accessories that his relationship to MVP goes back four years, to when parent company Blyth sold its mass candle business to the company. "When [Blythe] sold them the business, they still ended up being a customer of mine for the candle plant. So I have known them for 3 years. So as part of our family, they have seen how successful we are in our market, and wanted to be more seriously invested," Contino told G&DA.
MVP plans to keep everything business as usual at Midwest-CBK, Contino said. "Basically they've said we like what you're doing and we just want to keep doing it the way you're doing it now." Midwest-CBK will maintain its separate headquarters, sales team, showrooms, etc., as well as its executives; MVP has no plans to expand its mass brands into the specialty market or to take Midwest-CBK's specialty brands into the mass channel.
Robert B. Goergen, Blyth's chairman of the board and CEO, commented on the sale, "As Blyth's focus is on the Direct-to-Consumer channels, Midwest-CBK has become less of a strategic fit going forward. Thus, when conversations arose with a strong and growing company interested in increasing its premium channel presence and manufacturing capabilities, we were receptive to a dialogue."
"We are pleased to have Midwest-CBK as part of our growing family," stated Mary Propes, MVP Group International CEO. "Midwest-CBK and MVP Group International are an excellent strategic fit for each other. The strength of MVP's core competency of global sourcing and its focused approach towards strategic marketing and branding initiatives will benefit our growth objectives, whereas the Midwest-CBK innovative design and development team and large, established customer base will further an overall growth strategy in the premium channel in branded candles, seasonal decorative accessories, decor and giftware."
MVP Group International, headquartered in Charleston, designs, manufactures and markets an extensive line of candles and home fragrance products including scented candles, potpourri and other fragrance products, and markets a broad range of related candle accessories through multiple channels of distribution.
There goes Colonial !!!!!! Bye Bye Rick!!!!!
Fred - 2011-06-02 21:25:00 EDT-
Former Ty President to Head Midwest-CBK
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