KPS Capital Partners, a private equity firm focusing on restructuring and turnaround transactions, has been successful in an auction to purchase the assets of the bankrupt Lenox tableto
KPS Capital Partners, a private equity firm focusing on restructuring and turnaround transactions, has been successful in an auction to purchase the assets of the bankrupt Lenox tabletop, giftware and collectible products business.
KPS has committed sufficient capital to fund the entire purchase price and the post-closing liquidity needs of Lenox without outside financing.
The auction and sale is subject to final approval of the US Bankruptcy Court.
The offer does not include the Department 56 business which is scheduled for a separate auction process to be held shortly.
Michael Psaros, managing partner of KPS, says: ‘We are excited to proceed expeditiously with the closing of the transaction. We look forward to growing Lenox’s unique portfolio of brands through innovation and cutting edge design, and building on the company’s tradition of quality and its legendary American heritage.’
Marc Pfefferle, Lenox chief executive, adds: ‘KPS made a substantial and firm offer and was the highest qualified bidder with the greatest certainty of closing quickly. Furthermore, KPS’s commitment to provide the capital to build our brands so they can realise their full potential for sustainable growth and profitability is a great outcome for our employees, customers and vendors.’
KPS Capital Partners is the manager of the KPS Special Situations Funds, a family of private equity funds with over USD1.8bn of committed capital focused on constructive investing in restructurings, turnarounds and other special situations.
Lenox Group specialises in quality tabletop, giftware and collectible products sold under the Lenox, Dansk, Gorham and Department 56 brands, sold through gift, specialty and department store locations in the US and Canada, company-operated retail stores, and direct-to-consumer channels, including catalogue, direct mail, media, telemarketing and the internet.
