UPDATE: WoodWick Parent Co. Adds Fragrance Dynamics Brands
By Staff -- Gifts & Decorative Accessories, 10/8/2009 10:59:00 AM
Forest, VA – Smith Mountain Industries Inc., which owns the WoodWick and Virginia Candle Company
brands, acquired the majority of the operating assets, intellectual property, and business accounts of Fragrance Dynamics, LLC, of Lake Katrine, NY from Key Bank NA, Cleveland, OH. The purchase price was less than $1 million, Smith Mountain CEO John Fontana told Gifts & Decorative Accessories. Smith Mountain has already begun to consolidate equipment, production, and distribution. The assets purchased do not include the Fragrance Dynamics name, and Fontana says the company hasn't decided yet whether to create a new name for its contracts business.
Fragrance Dynamics produces scented candles, room diffusers and room sprays, including the licensed MetaGel scented air freshener system, which is designed to adapt to extreme variations in air temperature for use in automobiles, homes and industrial applications.
Smith Mountain CEO John Fontana said, “We have also maintained continuity by bringing over to Smith Mountain some of the key leadership at Fragrance Dynamics including an agreement with the company’s president, Randy Krivo, who will join Smith Mountain’s executive team as vice president of contract manufacturing and private label sales.” According to Fontana, some eight key employees chose to relocate.
Fontana stressed Smith Mountain would do its utmost to minimize any disruption for existing Fragrance Dynamics customers who choose to move their business to Smith Mountain. Fontana said that this is not the last transaction Smith Mountain will have this year, and that the company plans to continue to grow both organically and by acquisition.
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