Global Consumer Acquisition Corp. to acquire two candle companies, rebrand

Global Consumer Acquisition Corp. (GACQ), a publicly-traded special purpose acquisition company, has announced it will acquire two private label candle companies.

The group will purchase 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 aim is to grow Ascense Brands’ air care platform into a billion-dollar business within the next three years, focusing on growing our brands and private label segments as well as leveraging value added acquisitions across the globe including Asia & India,” said GACQ co-chairman and CEO Rohan Ajila. “We believe that Ascense Brands will become a market leader in the U.S. air care private label space with approximately 35% market share and strong growth potential.

Ascense Brands says it intends to leverage Luminex’s and GP Global’s existing customer relationships to enter new product categories and will continue to capitalize on over 100-year-old brands, Colonial Candle and Candle-lite, in the brick-and-mortar and digital retail spaces. Additional national and international brands that will be within its portfolio at closing include Manly Indulgence, CL Co and PartyLite.