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Candle Acquisition Company history
Candle Acquisition Company company history timeline
In addition to acquiring Lotus Notes management solutions developer CleverSoft Inc. in July 1996, Candle agreed to acquire MQSeries services provider AMSYS North America.
By 1996, Candle's software was used in 5,000 data centers, and its clients included 75 percent of Fortune 500 companies.
Candle celebrated its 20th anniversary in 1996, when years of steady growth culminated in annual revenues of $230 million. It also was in 1996 that Robert J. LaBant was named president and chief operating officer of Candle.
The full impact of the partnership, which offered the potential of adding Blyth products to more than 5,000 Hallmark Gold Crown stores, would not be known until the end of its 1997 fiscal year.
In 1998, sales climbed 29 percent over the previous year to $687.5 million.
The company released the eBA*ServiceMonitor in 1999, which it called "the first solution introduced to monitor the effectiveness of IT strategies, initiatives, and investments for Web sites from the visitor's perspective."
By 1999, Candle's revenues were $382 million.
In 1999, it strengthened its foothold in that market with the purchase of Liljeholmens Stearinfabriks AB. The deal secured the company's position as a leader in Sweden, Denmark, Germany, and Switzerland.
Sales continued their upward climb in 1999.
Candle's sales reached approximately $400 million in 2000, at which time the company employed about 2,000 people.
While the company had experienced remarkable growth since its initial public offering in 1994, consumer spending slowed and global economies weakened during 2000 and 2001. It restructured its business into two main operating segments in 2000—candles and home fragrance products, and nonfragrance products.
In the March 19, 2001, issue of Interactive Week, Chernick summed up Candle's development to date and his optimism regarding the company's future, remarking: "There's a whole ecosystem of infrastructure and transactions that needs to be managed.
2001: Andy Mullins is named president and chief operating officer, while LaBant becomes vice-chairman.
In 2001, it acquired decorative products company Midwest of Cannon Falls Inc. as part of its plan to grow its nonfragrance business line.
Those divestitures, coupled with the company's restructuring and weakening consumer demand, forced the closure of its Chicago manufacturing facility in its fiscal year 2002.
2004: IBM announces that it will acquire Candle and that Chernick will leave the organization.
In 2004, Walter Drake, a marketer of home products via the Internet and through catalogs, was purchased in a $53 million deal.
In 2005, there were more than 57,000 PartyLite independent sales consultants across the globe.
2012 Newell implemented the Growth Game Plan, a new multi-year corporate strategy to accelerate into a bigger, faster growing, more global and more profitable company.
2014 Newell opened its state-of-the-art Design Center in Kalamazoo, Michigan, making a significant commitment to create a brand-led company famous for innovation, design and product performance.
2015 In 2015, Newell Rubbermaid announced its intention to acquire Jarden Corporation and its diverse global portfolio of well-known brands such as Ball, Yankee Candle, FoodSaver and more.
The transaction closed in April 2016 and created Newell Brands.
2018 The company announced its Accelerated Transformation Plan, a series of strategic initiatives designed to improve operational performance and evolve the portfolio to a group of more consumer-facing brands, powered by innovation, eCommerce and international deployment.
2019 Ravi Saligram is appointed President & Chief Executive officer by the Board of Directors and joins Newell Brands on October 2.
© 2021 The Yankee Candle Co., Inc.
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