Blyth Buys Miles Kimball
Closing is expected in several weeks. Blyth will acquire 100 percent interest in the company for about $65 million in an all-cash transaction. The acquisition is expected to be accretive to Blyth's sales and earnings in fiscal year 2004. Miles Kimball's sales totaled about $120 million in the fiscal year ended Dec. 31.
Miles Kimball, which circulates about 55 million catalogs annually, operates three divisions: Miles Kimball Gifts, Exposures and Holiday Cards. Miles Kimball Gifts offers gifts, home decor, household convenience items and personalized merchandise through its catalog and Web site. Exposures markets picture frames and albums, organizational items and photographic cards, many of which can be personalized. The Holiday Cards division markets personalized greeting cards.
Michael D. Muoio, president of Miles Kimball, cited "Blyth's significant global sourcing and logistics capabilities, which will represent important savings," in a statement.
Miles Kimball purchased the Exposures catalog title in 1992. It operates call centers in Las Vegas and Oshkosh and has a 375,000-square-foot fulfillment and distribution facility in Oshkosh. Miles Kimball has about 275 full-time employees.
Blyth designs, manufactures and markets a line of candles and home fragrance products including scented candles and potpourri as well as tabletop illumination products and portable heating fuel. It markets candle accessories.