NEW YORK–KPS Capital Partners, a private investment firm that has placed a bid for Waterford Wedgwood PLC, has successfully bid on Lenox.
The amount of the bid was not reported. The auction and sale is subject to final approval of the U.S. Bankruptcy Court. The offer does not include the Department 56 business, which is scheduled for a separate auction process to be held shortly.
“KPS made a substantial and firm offer and was the highest qualified bidder with the greatest certainty of closing quickly,” said Marc Pfefferle, Lenox chief executive officer, in a statement. “Furthermore, KPS’s commitment to provide the capital to build our brands so they can realize their full potential for sustainable growth and profitability is a great outcome for our employees, customers and vendors.”
Michael Psaros, managing partner of KPS said, “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.”