Lenox sold to new buyer at re-opened bankruptcy auction
-- Home Textiles Today, 3/2/2009 10:18:00 AM
New York — A private equity company bought the assets of bankrupt Lenox Group at auction for the second time in two weeks. The bankruptcy court reopened the bidding process during a hearing on Feb. 25 and approved the bid of a group led by Clarion Capital Partners LLC.
Clarion won the bankruptcy auction to acquire substantially all the assets of Lenox. Unlike the previous deal with KPS Capital Partners, Clarion’s purchase includes the Department 56 seasonal gift brand, as well as the Lenox, Dansk and Gorham tabletop brands.
While specifics of the sale are not being released, the transaction is believed to be valued at approximately $100 million, inclusive of cash and assumption of certain liabilities of Lenox’s. It is expected to close in March.
Peter Cameron, previously ceo of Waterford Wedgwood plc and All-Clad Metalcrafters LLC, will become the new ceo of Lenox as soon as the transaction closes.
In soft home, the Lenox brand is licensed to Bardwil Home for table linens and bath goods.
(Reported by HTT sister publication Gifts & Decorative Accessories.)
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