Global Consumer Acquisition Corp. acquires two candle companies and changes its name
Global Consumer Acquisition Corp. (GACQ), a publicly traded special purpose acquisition company, announced that it will acquire two private label candle companies.
The group will acquire GP Global Limited and Luminex Home Decor & Fragrance Holding Corporation, two industry leaders in branded and private label solutions in air care and personal care. GACQ will change its name to Ascense Brands following the acquisition of the two companies.The transaction values the combined entity at an enterprise value of approximately $507.1 million, with up to approximately $117.5 million in net cash to fund growth.
“Our goal is to grow the Ascense Brands air care platform into a billion dollar business over the next three years, focusing on growing our brands and private label segments , as well as leveraging value-added acquisitions across the globe, including in Asia and India,” GACQ said. co-president and CEO Rohan Ajila. “We are confident that Ascense Brands will become a market leader in private label air care in the United States, with approximately 35% market share and strong growth potential.
Ascense Brands says it intends to leverage existing Luminex and GP Global customer relationships to enter new product categories and will continue to capitalize on century-old brands, Colonial Candle and Candle-lite, in physical retail and digital. the spaces. Other domestic and international brands that will be part of its portfolio at closing include Manly Indulgence, CL Co and PartyLite.