NEW YORK, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Centre Lane Partners, LLC, a New York based private investment firm, is pleased to announce that it has completed its acquisition of the assets of the candle manufacturing and marketing operations of Lancaster Colony Corporation (Nasdaq:LANC). The purchase price for the acquisition was $28 million, including certain working capital adjustments. The newly formed business will continue to operate under the Candle-lite name. With an operating history in excess of 100 years, Candle-lite is a leading marketer, manufacturer and distributor of candles and candle related accessories serving the food, drug and mass retail channels. For the twelve months ended June 2013, Candle-lite generated $152 million in net sales and $8 million in operating income. Headquartered in Cincinnati, Ohio and with a manufacturing facility located in Leesburg, Ohio, the company employs approximately 500 people.
Quinn Morgan, co-founder of Centre Lane, said, "We are excited about adding Candle-lite to our portfolio of companies and believe there is significant opportunity to grow the business through investment in new products and innovation. The company has a long, proud history of making quality products domestically and being a best-in class partner to its customer base. We hope to build on this capability under our ownership." Jerry Vanden Eynden, Candle-lite's President, added, "Centre Lane has been great to work with throughout the transaction process and we look forward to partnering with them to help us achieve our long term goals and objectives for the business."
About Centre Lane Partners, LLC
Centre Lane is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. Industries targeted for investment are broad and diverse with no industry excluded from our consideration.