KPS Capital Partners has announced the acquisition of certain assets of the bankrupt Anglo-Irish porcelain and glassware producer Waterford Wedgwood through a newly-formed company, WWRD
KPS Capital Partners has announced the acquisition of certain assets of the bankrupt Anglo-Irish porcelain and glassware producer Waterford Wedgwood through a newly-formed company, WWRD Holdings.
Financial terms of the transaction have not disclosed.
The transaction involves the purchase of certain Waterford, Wedgwood and Royal Doulton assets in the UK, US and Canada; the purchase of intellectual property in Ireland; and the purchase of the shares of certain Waterford Wedgwood subsidiaries, including in Japan, Indonesia, Hong Kong, Taiwan, Singapore and Australia.
Pierre de Villemejane, who has been named chief executive of WWRD Holdings, was previously chief executive officer of Speedline Technologies, a KPS portfolio company, prior to its sale to Illinois Tool Works. Earlier he held various management positions in the UK and France with companies including L’Oreal.
The senior management team of WWRD Holdings will consist of executives from Waterford Wedgwood, including Anthony Jones, Moira Gavin and Ralf Kuhn.
Michael Psaros, a managing partner of KPS, says: ‘This is a new day for Waterford Wedgwood, the leading enterprise in the luxury home and lifestyle industry worldwide. As a new company created and owned by KPS, with an accomplished new chief executive, and a new capital structure, the company is positioned for great success.
WWRD Holdings is unencumbered by Waterford Wedgwood’s approximately EUR800m (USD1bn) of legacy liabilities.
‘The Waterford Wedgwood transaction is the result of a highly complex, multi-constituency restructuring transaction, involving asset and share purchases in more than ten jurisdictions worldwide. Going forward, we and our management team will work to materially improve the Company’s core operations, efficiency and productivity, and drive significant revenue growth. We thank Bank of America for its leadership through the restructuring process and for its support of our new company,’ Psaros adds.
