NEW YORK – The Carlyle Group will pay $98 million to buy candle seller Blyth, the private equity firm said Monday.
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Blyth, based in Greenwich, Connecticut, sells its candles and other scented products through a network of 40,000 consultants. It also sells scrapbooks, canes, cosmetics and other goods through several catalogs.
Carlyle will pay $6 for each share of Blyth, more than double the stock's closing price of $2.92 on Friday.
The deal is expected to close in the fourth quarter of 2015.
Shares of The Carlyle Group LP, based in Washington, D.C., fell 25 cents to $21.65 in midday trading Monday. Shares of Blyth Inc. soared $3.03 to $5.95.