Lifetime Brands Acquires Kitchen Craft
GARDEN CITY, N.Y.-Lifetime Brands has acquired Thomas Plant (Birmingham) Limited, a British kitchenware company that trades as Kitchen Craft.
Based in Birmingham, England, the company sells products under well-known proprietary, customer-exclusive and owned label brands. The company supplies more than 2,600 customers in all classes of trade in the U.K. and in more than 70 countries worldwide. Kitchen Craft, which had net revenues of roughly $70 million in 2013, will operate as a separate division under the continuing leadership of Andrew Plant, Richard Plant and Peter Bushnell, and will serve as a complement to the tableware and kitchen assortments marketed by Creative Tops, another British brand that was acquired by Lifetime in November 2011.
The purchase price was not announced. Lifetime said it extended its revolving credit facility and entered a new term loan agreement to fund the acquisition. The proceeds of the term loan as well as borrowings under the revolving credit were used to pay the cash portion of the deal and to repay the outstanding balance of the company's existing term loan.
"The acquisition of Thomas Plant represents a compelling opportunity for Lifetime that will accelerate our growth and make Lifetime a more effective global resource to our key retail partners," said Jeff Siegel, chairman and CEO. "We are impressed by the commitment and passion of Kitchen Craft's management, which has fostered a culture of quality, innovation and outstanding customer service that is very similar to our own."
Siegel said the acquisition of Kitchen Craft enhances Lifetime's global product platform, with businesses in the U.K., Canada, Mexico and Brazil and joint venture companies in Asia.