Company type | Private |
---|---|
Industry | Home accessories |
Founded | 1976 |
Headquarters | , |
Key people | Robert B. Goergen Sr. (Founder, Chairman and CEO) |
Revenue | US$ 1.179 billion (2012) [1] |
US$ 84.566 million (2012) [1] | |
US$ 10.046 million (2012) [1] | |
Total assets | US$ 321.604 million (2012) [1] |
Total equity | US$ 58.804 million (2012) [1] |
Owner | Carlyle Group |
Number of employees | 1,700 (Dec 2012) [1] |
Website |
www |
41°01′00″N 73°38′56″W / 41.01674°N 73.64890°W
Blyth, Inc. is a Greenwich, Connecticut based marketing and manufacturing company that sells personal and decorative products. In 2001, it was the largest candlemaker in the United States. Subsidiaries include the multi-level marketing companies PartyLite and Visalus.
On May 13, 2002, Blyth announced that it has acquired all of the membership interest in CBK, Ltd., LLC, a designer and marketer of giftware and home decor, sold under the CBK brand. [2] Blyth purchased the interests in CBK for total cash consideration of approximately $49.5 million. Midwest CBK was sold to MVP Group International in 2011. [3] CBK was to remain obligated on its indebtedness, including approximately $4.8 million of long-term debt. [2]
In 2012 Blyth sold the brand Sterno, which it had acquired in 1997. [4] [5]
In 2015, Blyth was acquired by the private equity firm Carlyle Group. [6] Subsidiary Silver Star Brands was sold to Crosby Rock, leaving Blyth with PartyLite. [7]
In 2008 Blyth began a multi-stage takeover of ViSalus, a multi-level marketing company which sells nutritional supplements and energy drinks. [8] [9] In the first stage of the takeover Blyth purchased a 43.6% equity interest for $14.0 million. [10] [11] In 2011 Blyth invested an additional $2.5 million and increasing their ownership share to 57.5%. [12]
By August 2012 Blyth owned a 73% share of Visalus and planned a spin off of the company in an initial public offering. In September 2012, Moody's Investors Service downgraded Blyth's credit from "stable" to "negative," [13] Blyth stated that ViSalus's growth was not properly valued, and Blyth withdrew the IPO citing uncertain market conditions. [14] [15]
In September 2014, ViSalus' founders and select stockholders arranged to buy back control of the company from Blyth. Blyth remained an equity holder with 10% of ViSalus's stock. [16] [17] [18] The transaction eliminated Blyth's obligation to pay the co-founders $143.2 million as part of the 2008 acquisition. At the time of the transaction, ViSalus' earnings and revenue had declined from a high-point in 2012, and the company had been operating at a loss for 2013 and the first two quarters of 2014. [17]