KPS Capital Partners has agreed to acquire Ireland-based fine china maker Waterford Wedgwood, which earlier this week entered administration. No financial terms were disclosed.
PRESS RELEASE
The Joint Administrators of Waterford Wedgwood UK Plc and the Receiver of Waterford Wedgwood Plc (together “Waterford Wedgwood” or the “Group”), respectively, today announce that they have entered into a letter of intent with KPS Capital Partners, LP (“KPS”), a New York-based private equity limited partnership (www.kpsfund.com), in connection with the proposed acquisition by KPS of assets of the Group worldwide, including certain assets of Waterford, Wedgwood, and Royal Doulton, amongst others. The Joint Administrators and Receiver are working with KPS to expeditiously agree the terms upon which a transaction can be completed in the interests of stakeholders. In the interests of maximising returns to creditors, and in accordance with our duties, the Joint Administrators and the Receiver will continue with our Fast Track M&A process in parallel.
Mr. David Sculley, CEO of Waterford Wedgwood, said “This is a critical step forward for Waterford Wedgwood. We commend KPS for its confidence in our Company, for the enormous amount of time, effort and resources expended by KPS globally that have resulted in reaching this important stage. I look forward to working towards the successful completion of a deal.”
Angus Martin, Joint Administrator said, “This is an important step towards our key objective of maximising value for stakeholders.”
About KPS Capital Partners, LP
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with committed capital in excess of $1.8 billion. KPS seeks to realise significant capital appreciation through controlling investments in companies confronting change or in a period of transition. The KPS team has established stand-alone entities to operate assets divested by large corporate parents, created new companies to purchase operating assets out of bankruptcy, and completed capital infusions to recapitalise public and private companies. KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com
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