Waterford Wedgwood“s new owner intends to expand the luxury crystal and china group through the acquisition of rivals, its chief executive said 26 March 2009.
New York-based private equity fund KPS …
Waterford Wedgwood“s new owner intends to expand the luxury crystal and china group through the acquisition of rivals, its chief executive said 26 March 2009. New York-based private equity fund KPS Capital formally acquired most of the group“s assets out of receivership on 27 March 2009 through a new vehicle, WWRD Holdings. It also named former L“Oral executive, Pierre de Villemjane as chief executive of the new business. Mr Villemjane held the same role at Speedline Technologies, a former KPS investment in the US, as well as working in Britain and France. He said the new owners intend to grow Waterford organically by buying up rivals, and added it had already provided for new acquisitions in the bank financing used to buy the group. “We believe that our primary competitors are generally undercapitalised and regionally focused, presenting a significant opportunity to consolidate the industry worldwide,” he said. KPS is taking over the Waterford Crystal visitors“ centre at Kilbarry, and is retaining 176 of the 708 workers who worked there when the receiver was appointed in January 2009. The remaining staff will work in the centre and in sales, marketing and back office. Their jobs are guaranteed for at least six months. It is not buying the manufacturing plant at Kilbarry, but owns the brands and intellectual property. It is understood that if manufacturing were to restart there, WWRD Holdings may buy it. WWRD will keep production of Royal Doulton china at Stoke in the UK.