16265 Fri, 02/27/2009 - 4:22pm
NEW YORK–The fate of two of the biggest players in the tabletop business—Waterford Wedgwood and Lenox—appear to have been sealed within minutes of each other today when each company announced it had been bought by a private investment firm ... but not the same one.
Waterford’s new owner is KPS Capital Partners, based in New York, which said it has purchased certain assets based in both Great Britain and Ireland. Terms were not disclosed, but the deal does appear to include the core Waterford, Wedgwood and Royal Doulton businesses. Waterford had been in the U.K. version of bankruptcy for several months.
Only a few minutes later came a release from Clarion Capital Partners, another New York investment firm, stating that it had won the assets of Lenox Group in a bankruptcy auction. Clarion valued the deal at about $100 million including debt and immediately said that Peter Cameron, one-time Waterford president who has since worked with Clarion on other acquisitions, would become president of Lenox. The deal includes the Lenox, Dansk, Gorham and Department 56 brands.
Both deals are expected to close by next month.