New York-based private equity firm KPS Capital Partners has acquired certain Irish and U.K. assets of Waterford Wedgwood—including cataloger Cashs of Ireland—through a newly formed company, WWRD Holdings. Financial terms of the transaction announced March 26 were not disclosed.
According to a release, banks affiliated with the luxury crystal and china group placed it in receivership (a type of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee) in January.
The transaction includes certain Waterford, Wedgwood and Royal Doulton assets in the U.K., the U.S. and Canada; intellectual property in Ireland; and the shares of certain Waterford Wedgwood subsidiaries, including in Japan, Indonesia, Hong Kong, Taiwan, Singapore and Australia.
The U.K. and Irish transaction includes distressed assets within: Waterford Wedgwood U.K.; Wedgewood Ltd.; Josiah Wedgwood & Sons Ltd.; Josiah Wedgwood & Sons (Exports) Ltd.; Waterford Wedgwood Retail Ltd.; Royal Doulton Ltd.; Royal Doulton (U.K.) Ltd.; Royal Doulton Overseas Holdings Ltd.; Stuart & Sons Ltd.; Statum Ltd.; Waterford Wedgwood; Waterford Crystal Ltd.; Waterford Crystal (Manufacturing) Ltd.; and Cashs Mail Order Ltd.
Financing for the acquisition was provided by a bank syndicate, agented by Bank of America Business Capital through a credit facility, and by KPS Capital Finance Management, through a term loan. Kirkland & Ellis acted as legal counsel to KPS and WWRD Holdings, which employs more than 3,700 people worldwide.
Based in Cork, Ireland, Cashs of Ireland has been selling Irish and European products to customers in the U.S. via catalog since 1976. Merchandise includes gifts and collectibles brands such as Waterford Crystal, Wedgwood, Belleek, Royal Doulton, and Hummel.