Yankee Candle Mulls Sale As it Buys Illuminations

The Yankee Candle Company Inc. has entered into a definitive agreement to acquire the Illuminations brand and its related assets for nearly $22 million in cash.

The deal is expected to close Aug. 1.

In a separate announcement, the South Deerfield, MA, company also reported it has retained the services of Lehman Brothers to assist it in the consideration of strategic alternatives, including the possible sale of the company.

Illuminations, which was founded in 1996, designs and markets premium scented candles, candle accessories and other home décor items through retail stores and via catalogs and its e-commerce Web site at www.illuminations.com. Candle Acquisition Co., Petaluma, CA, owns Illuminations.