KPS exits WWRD in $437m trade sale

The transaction price is subject to a post-completion adjustment, based on the level of net working capital and cash and debt in the business.

KPS acquired some UK and Irish assets of beleagured glassware and crockery group Waterford Wedgwood, and the assets of several of its UK and Irish subsidiaries in 2009. The deal came about after Deloitte was brought in as administrator for the business. KPS created WWRD Holdings to hold and operate the assets.

KPS stated it since has followed a successful turnaround strategy for WWRD, including the creation of a new centralised organisation and management structure, a brand repositioning, as well as the introduction of new products.

Both the GP and WWRD's management stated the successful plan had managed to safeguard 3,800 jobs and improve profitability by $150m.

Company
WWRD specialises in luxury home and lifestyle products. It manufactures, distributes and sells brands including Waterford, Wedgwood, Royal Doulton, Royal Albert and Rogaska. It also maintains licensing arrangements with designers including Vera Wang, Jasper Conran and John Rocha.

People
Michael Psaros led the deal for KPS.

Advisers
Equity – Paul, Weiss, Rifkind, Wharton & Garrison (Legal).
Company – Locke Lord (Legal); Goldman Sachs (M&A).

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• Topics
• UK / Ireland
• Exits
• Consumer
• United Kingdom
• Trade sale