Waterford signs letter of intent with private equity company
From Gifts & Decorative Accessories
-- Home Accents Today, 1/13/2009 8:39:00 AM
New York — Tabletop brand Waterford Wedgwood UK Plc entered into a letter of intent with KPS Capital Partners LP, a New York-based private equity limited partnership, and is working to fast track agreement terms, the company said in a statement. KPS manages the KPS Special Situations Funds, a family of private equity funds with committed capital in excess of $1.8 billion
The news follows Waterford's entrance into administration and receivership. The group's global companies, including Waterford Wedgwood USA, have conducted uninterrupted business through the process.
Mr. David Sculley, CEO of Waterford Wedgwood, said, "This is a critical step forward for Waterford Wedgwood. We commend KPS for its confidence in our company, for the enormous amount of time, effort and resources expended by KPS globally that have resulted in reaching this important stage. I look forward to working towards the successful completion of a deal."
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