TCF Capital Funding provided secured financing to support the merger of the two companies which have been renamed CURiO, a new platform in the bath, body, and home fragrance market. Castanea Partners and its co-investors acquired Thymes from Stone-Goff Partners in December 2014.
Thymes’ product line includes soaps, lotions and other bath and body products, as well as home fragrance selections such as candles and diffusers. Thymes products are sold in over 5,000 specialty retail locations in the United States and in 18 countries and territories globally. Company owned brand names include Thymes, Goldleaf and Frasier Fir. The company was founded in 1982 and is headquartered in Minneapolis (www.thymes.com).
DPM Fragrance makes scented candles that are sold through specialty retailers around the world. Company owned brand names include Capri Blue and Aspen Bay Candles. The company was founded in 1999 by Tom Reed and is headquartered northeast of Jackson in Starkville, MS (www.dpmfragrance.com).
With closing of the transaction Mr. Reed has become a member of CURiOs’ board of directors. “The synergies between DPM and Thymes are amazing – it’s such a great fit. This is a fantastic next step full of potential and opportunity for the entire team – and for our current and future customers,” said Mr. Reed.
TCF provides cash flow and asset-based lending to lower middle-market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is based just outside of Chicago in Burr Ridge, IL (www.tcfcapitalfunding.com).
© 2016 Private Equity Professional • 10-4-16