KPS Capital Partner wins Lenox auction
From Gifts & Decorative Accessories
-- Home Accents Today, 2/17/2009 9:55:00 AM
New York — Private equity firm KPS Capital Partners LP won an auction to buy substantially all the assets of gift and tabletop vendor Lenox Group, which filed for bankruptcy in late 2008 . The offers includes the Lenox, Dansk and Gorham brands. It does not include Department 56, which is scheduled for a separate auction, to be held shortly.
Through a newly formed company, KPS committed enough capital to cover the entire purchase price, plus the cash Lenox will need after the closing, without outside financing. The auction and sale is subject to approval of the U.S. Bankruptcy Court. KPS manages the KPS Special Situations Funds, which invests in restructurings, turnarounds and other special situations. In addition to the Lenox deal, KPS recently entered into a letter of intent with bankrupt tabletop brand Waterford Wedgwood UK Plc and is working to fast track agreement terms.
"KPS made a substantial and firm offer and was the highest qualified bidder with the greatest certainty of closing quickly," said Marc Pfefferle, Lenox CEO. "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."
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