© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - KPS Capital Partners to Sell WWRD to Fiskars Corporation
Posted 11th May 2015

KPS Capital Partners to Sell WWRD to Fiskars Corporation

KPS Capital Partners, LP announced that it signed a definitive agreement, through an affiliate, to sell its portfolio company, WWRD Holdings Limited to Fiskars Corporation.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

KPS Capital Partners to Sell WWRD to Fiskars Corporation
Image

KPS Capital Partners to Sell WWRD to Fiskars Corporation

KPS Capital Partners, LP (“KPS”) announced today that it signed a definitive agreement, through an affiliate, to sell its portfolio company, WWRD Holdings Limited (“WWRD” or the “Company”), to Fiskars Corporation (“Fiskars”, FIS1V.HE) for $437 million in cash, subject to a post completion adjustment based upon the level of net working capital and cash and debt in the acquired business.

WWRD is a leading provider of luxury home and lifestyle products sold worldwide under the Waterford, Wedgwood, Royal Doulton, Royal Albert and Rogaska brands. WWRD maintains unique licensing arrangements with some of the most high-profile designers and innovators in the home and lifestyle market, including Vera Wang, Jasper Conran, Monique Lhuillier, John Rocha, Gordon Ramsay, Donna Hay, Jo Sampson and Miranda Kerr. WWRD sells its branded products in over 80 countries around the world.

In 2009, KPS created a new company, WWRD, to acquire the Waterford, Wedgwood, Royal Doulton and Royal Albert brands and certain related assets out of the Administration and Receivership of Waterford Wedgwood plc and its subsidiaries. Under KPS’ ownership, WWRD undertook a highly ambitious and successful turnaround on a global scale that resulted in a thriving and profitable company. KPS retained a new management team that implemented a new business strategy and results-driven corporate culture. Key elements of WWRD’s transformation included creating a new centralized organization and management structure, repositioning the brands, introducing new products, entering into new product categories, launching a new hospitality business, and expanding into new geographies and sales channels. Central to the success of the turnaround was materially improving WWRD’s operating cash cost structure, optimizing the global supply chain, and introducing world-class manufacturing practices and a culture of continuous improvement worldwide.

Michael Psaros, a Managing Partner of KPS, said, “We are very proud of WWRD’s stunning turnaround, executed across four continents, at the height of the financial crisis in 2009. KPS did not buy or invest in a company at that time; rather we created a new company that acquired a collection of deeply under-managed brands and assets from a failed enterprise and transformed them into a thriving, profitable, and growing branded luxury goods company. In creating WWRD, KPS saved the iconic Wedgwood, Waterford, Royal Doulton and Royal Albert brands, preserving the heritage and legacy of institutions that are each hundreds of years old.

“We take great pride that WWRD, under KPS’ ownership, constructed the House of Waterford Crystal in Waterford, Ireland, and is currently in the process of redeveloping the Wedgwood Estate in Barlaston, England. We made the decision and committed the capital to construct two new, world-class manufacturing facilities and related unique visitor experiences.

“The success of WWRD saved approximately 3,800 jobs and preserved an employer vital to all of its stakeholders worldwide. WWRD exemplifies the KPS investment strategy of seeing value where others do not, buying right and making businesses better.

“We thank and congratulate Pierre de Villemejane, WWRD’s Chief Executive Officer, and our management team for their vision, their passion and their brilliant execution in an extremely ambitious undertaking.

“We are thrilled to sell WWRD to Fiskars, a company with its own 365-year history, which understands WWRD is not just a company or a group of iconic brands, but also possesses a unique legacy and a heritage. We wish Fiskars well in this endeavor,” Mr. Psaros concluded.

Pierre de Villemejane, CEO of WWRD, added, “KPS was the only investor that had the courage and confidence to undertake the launch of a new company in the luxury industry, founded around a group of acquired brands and assets, at the height of the global financial crisis. While KPS recognized the heritage, the legacy and the potential of our iconic brands, the success of WWRD depended on our management team’s ability to execute a highly complex turnaround throughout the world. Working in partnership with KPS, we improved the profitability of WWRD relative to its predecessor by over $150 million, repositioned and contemporized our storied brands, and invested significantly in our operations and associates. We are forever grateful to KPS for its leadership and its steadfast commitment to preserving, improving and growing our business. We are thrilled to join Fiskars, which has the resources and consumer market knowledge that will enable WWRD to scale the successful platform we created.”

Completion of the transaction, which is expected to occur in summer 2015, is subject to customary closing conditions.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to KPS, and Locke Lord LLP is serving as legal counsel to WWRD with respect to the transaction.

Goldman, Sachs & Co. is acting as financial advisor to WWRD with respect to the transaction.

Categories: Finance, M&A


You Might Also Like
Read Full PostRead - Eye Icon
Ciena Acquisition of Certain TeraXion Assets
Finance
19/01/2016Ciena Acquisition of Certain TeraXion Assets

Ciena® Corporation, the network specialist, has entered into a definitive agreement with TeraXion Inc. to acquire its high-speed photonics components (HSPC) assets for approximately USD $32 million (CAD $46.6 million) in cash.

Read Full PostRead - Eye Icon
The Italian  Artificial Intelligence Startup Factory: Creating Startups Through Innovation
Innovation
29/07/2022The Italian Artificial Intelligence Startup Factory: Creating Startups Through Innovation

Established in 2020 ago in Milan, Italy, FoolFarm Spa has been recognised as the Leading Artificial Intelligence Venture Builder and is the leading European venture studio in the AI blockchain and cybersecurity sectors.

Read Full PostRead - Eye Icon
An Industry Innovator
Innovation
05/12/2016An Industry Innovator

Founded in Southern California in 1995, GoWireless has continually strived to be a driving force in the wireless industry.

Read Full PostRead - Eye Icon
Understanding Website Performance: Keys to Success
News
07/06/2024Understanding Website Performance: Keys to Success

Picture this: you enter a store, and it takes several minutes for someone to assist you. Frustrating, right? The same applies to websites. If your site doesn’t load quickly, visitors will leave before engaging with your content. In the worldwide web, eve

Read Full PostRead - Eye Icon
Immigration and the Brexit Debate
Finance
03/06/2016Immigration and the Brexit Debate

Immigration is one of the most hotly debated topics in the lead up to the EU referendum, not least because of the uncertainty surrounding the UK’s ongoing relationship with the EU post-Brexit.

Read Full PostRead - Eye Icon
How Workflow helps your Organization Connect Tools and Teams to Drive Productivity
News
06/05/2022How Workflow helps your Organization Connect Tools and Teams to Drive Productivity

A competitive workflow contains effective features and work tools that help organizations accomplish their business process. Workflow tools are simple information systems that allow businesses to build and optimize their processes. The tools help users build a

Read Full PostRead - Eye Icon
Permits for Working in Hungary
Finance
02/12/2016Permits for Working in Hungary

Hungary is the place where several international companies carry out their long-term activities, primarily English, and the employees are instructed by the employer in the same language.

Read Full PostRead - Eye Icon
Deal of the Month
Innovation
01/07/2016Deal of the Month

Next Group is a highly innovative technology company, providing unique telecommunications platforms that are both elegant and efficient.

Read Full PostRead - Eye Icon
Making Investment Magic in the Mid-Market
Finance
07/06/2017Making Investment Magic in the Mid-Market

a2e Industries are an innovative, Manchester based investment firm focusing on mid-market firms. We profile the firm and examine its dedication to creating shareholder value.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow