07.01.22
Cincinnati, OH
Sales: $550 million (est.)
Key Personnel: Scott Meader, CEO
Major Products: Candles and home scent products
Comments: Luminex’s home scent business includes Candle-lite and PartyLite.
In December 2021, Global Consumer Acquisition Corp. (GCAC) entered into agreements with GP Global Limited (which has a stake in MVP Group International) and Luminex Home Decor & Fragrance Holding Corporation to acquire their home fragrance businesses, which include venerable home scent brands Colonial Candle (MVP) and Candle-lite as others such as Manly Indulgence, CL Co and PartyLite. That new entity will be operating as Ascense Brands—that is, when the deal closes. On June 6, 2022, GACQ extended the time to complete the deal from June 11, 2022 to Sept. 11, 2022.
When the proposed deal was first announced, GACQ Co-Chairman and CEO Rohan Ajila said GACQ’s aim was to “grow Ascense Brands’ air care platform into a billion-dollar business within the next three years, focusing on growing our brands and private label segments as well as leveraging value added acquisitions across the globe including Asia & India. We believe that Ascense Brands will become a market leader in the US air care private label space with approximately 35% market share and strong growth potential.”
Sales: $550 million (est.)
Key Personnel: Scott Meader, CEO
Major Products: Candles and home scent products
Comments: Luminex’s home scent business includes Candle-lite and PartyLite.
In December 2021, Global Consumer Acquisition Corp. (GCAC) entered into agreements with GP Global Limited (which has a stake in MVP Group International) and Luminex Home Decor & Fragrance Holding Corporation to acquire their home fragrance businesses, which include venerable home scent brands Colonial Candle (MVP) and Candle-lite as others such as Manly Indulgence, CL Co and PartyLite. That new entity will be operating as Ascense Brands—that is, when the deal closes. On June 6, 2022, GACQ extended the time to complete the deal from June 11, 2022 to Sept. 11, 2022.
When the proposed deal was first announced, GACQ Co-Chairman and CEO Rohan Ajila said GACQ’s aim was to “grow Ascense Brands’ air care platform into a billion-dollar business within the next three years, focusing on growing our brands and private label segments as well as leveraging value added acquisitions across the globe including Asia & India. We believe that Ascense Brands will become a market leader in the US air care private label space with approximately 35% market share and strong growth potential.”