Mr. Coffee maker Jarden (JAH) inked a deal on Tuesday to acquire candle maker Yankee Candle for $1.75 billion from private-equity firm Madison Dearborn Partners.

The acquisition is aimed at diversifying Jarden’s consumer products portfolio and expanding its global distribution platform.

Yankee Candle has about 35,000 store locations in North America and is the largest specialty branded premium scent candle company in the U.S.

"We are delighted to announce this acquisition, which is consistent with our more than ten-year track record of success in acquiring leading consumer brands synonymous with their niche categories,” Martin Franklin, Jarden’s founder and executive chairman, said in a statement. “The iconic Yankee Candle brand is a natural extension of our existing portfolio and of our branded consumables business segment.”

The companies value the deal at about $1.75 billion in cash and said an additional $55 million in earn-out payments are possible based on performance targets being achieved.

Jarden, which also makes Crock-Pot, said it expects the deal to add about 10% to its adjusted earnings per share, pre-synergies, and close early in the fourth quarter of 2013.

"This is a transformative milestone for Yankee Candle. Over the past 40 years, we have built a truly iconic brand with a deeply loyal customer base,” said Yankee Candle CEO Harlan Kent. “Jarden is well known as a stable, long-term owner of businesses, and this will provide us with a perfect platform on which to grow.”

Yankee Candle said it was advised by both Bank of America Merrill Lynch (BAC) and Barclays (BCS).

Jarden investors cheered the deal, driving the Rye, N.Y.-based company’s shares 6.05% higher to $45.55 Tuesday morning. That rally leaves Jarden up almost 32% on the year.

Follow Matt Egan on Twitter @MattMEgan5