Blyth Inc. Acquires Midwest of Cannon Falls
Staff -- Gifts & Decorative Accessories, 5/1/2001
Blyth Inc., Greenwich, CT, one of the world's largest manufacturers of candles and home fragrance products, purchased 100 percent of the seasonal and home decor products manufacturer Midwest of Cannon Falls for $25 million in cash and the assumption of $30 million in long-term debt. Midwest products are sold by more than 17,000 retailers. The company has 400 employees and 11 U.S. showrooms. Robert B. Georgen, chairman of the board and CEO of Blyth Inc., said that the purchase of Midwest "will help further Blyth's strategy of growth in the non-fragranced segment of our business." Midwest's president and CEO, Kathy Brekken, daughter of the company's founder, Ken Althoff, and her team of five senior managers will continue in their positions. As part of the deal, Midwest will divest itself of American Specialty Confections, a subsidiary that markets food-filled tins. Among Blyth Inc. brand name products are Colonial Candle of Cape Cod and Carolina Designs. Blyth Inc. also indicated that it is looking to make further acquisitions in the non-fragrance sector.
