MacKenzie-Childs Sold May 8, 2008 9:21 AM
, By Jim Tierney
JobZone
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Private equity firm Twin
Lakes Capital acquired ceramics manufacturer/marketer MacKenzie-Childs on May
7. Terms of the deal were not disclosed.
MacKenzie-Childs is known for its whimsical Spanish and Italian majolica
tabletop ceramics. It includes a Website, launched in 2003, and a print catalog
that debuted in 2004, as well as stores in New York, Palm Beach, and Aurora, NY,
where the company is based.
MacKenzie-Childs had been for sale since last June. Lee Feldman, managing
partner of Twin Lakes Capital, says his company has pursued the acquisition
since that time. “We got involved from the beginning of the process,” he says.
What was the appeal? “It’s a very strong brand with unique, high-quality
products,” Feldman says. “The company is doing well and we think there are a
lot of opportunities to aggressively grow the business in the market it
operates. There is a good team in place we plan to partner with existing
management.”
Feldman says the new owners will keep MacKenzie-Childs’ staff of approximately
175. “We’re not looking to make any material changes,” he says. “We’ll take the
multichannel approach for the direct and wholesale side.”
Twin Lakes Capital plans to invest in and grow the direct business. There are
tremendous opportunities on both the catalog and Web side,” Feldman notes.
“We’re growth players with a hands-on in partnering with management in an
aggressive fashion.”
Pleasant Rowland, owner/CEO of MacKenzie-Childs, said in a release: “Over the
years, but now with increasing frequency, various individuals have expressed
interest in purchasing the company. I rejected all inquiries until I felt
confident the company was stabilized with a sound business model and a
competent, experienced management team.”
Founded in 1983 by Richard and Victoria MacKenzie-Childs, the company had filed
for bankruptcy in November 2000. Rowland, who founded dolls marketer American
Girl in 1986 and sold the company to toy giant Mattel in 1998, purchased
MacKenzie-Childs from the founders in June 2001 for $5 million.
Chris Shannon, managing director for New York-based investment bank Berkery,
Noyes & Co., says of the deal: “MacKenzie-Childs is a strong brand and
complements Twin Lakes’ other investments. It is nice to see two strong
companies making a good investment and not in the difficult financial position
that many retail/catalog companies are in.”
