Lifetime Brands acquires Kitchen Craft
Arrowpoint Advisory's Consumer sector team is pleased to announce the acquisition by Lifetime Brands, Inc. of Thomas Plant (Birmingham) Ltd., which trades as Kitchen Craft. Arrowpoint Advisory advised Lifetime on the transaction.
Lifetime is a global provider of branded kitchenware, tableware and other products used in the home. The company markets its products in the UK and internationally under such well-recognised consumer brand names as Farberware®, KitchenAid®, CasaMÅda®, Cuisine de France®, Fred® & Friends, Guy Fieri®, Hoffritz®, Kizmos®, Misto®, Mossy Oak®, Pedrini®, Roshco®, Sabatier®, Savora® and Vasconia®; respected tableware brands such as Mikasa®, Pfaltzgraff®, Creative Tops®, Gorham®, International® Silver, Kirk Stieff®, Sasaki®, Towle® Silversmiths, Tuttle®, Wallace®, V&A® and Royal Botanic Gardens Kew®; and home solutions brands, including Kamenstein®, Bombay®, Elements®, Melannco® and Design for Living®. The Company also provides exclusive private label products to a number of leading UK retailers.
Kitchen Craft is one of the UK's leading suppliers of kitchenware products and accessories. Birmingham-based, the company sells products under well-known proprietary, customer-exclusive and owned label brands. The company supplies over 2,600 customers in all classes of trade in the UK and in over 70 countries worldwide. As part of Lifetime's platform, the company will operate as a separate division under the continuing leadership of Andrew Plant, Richard Plant and Peter Bushell. For its fiscal year ended May 27, 2013, Thomas Plant had net revenues of approximately $70 million.
Jeff Siegel, Chairman and CEO at Lifetime, said: "The acquisition of Thomas Plant represents a compelling opportunity for Lifetime that will accelerate our international growth and make Lifetime a more effective global resource to our key retailer partners."
"Arrowpoint Advisory has played an important and ongoing role in helping Lifetime to develop and implement its global acquisition strategy. This is the second important transaction on which we have relied on Arrowpoint Advisory's expertise to value the target, negotiate the terms and co-ordinate all aspects of the process leading to completion. We have benefited from their professionalism, market knowledge and hands-on support, as well as from their expert and informed practical advice. We look forward to concluding further acquisitions with them at our side."
Daniel Domberger, Managing Director at Arrowpoint Advisory, commented: "We are delighted to have helped Lifetime complete another trans-Atlantic deal and to have supported its ongoing global development. Kitchen Craft brings Lifetime an increased European footprint in housewares, a range of attractive brands to add to Lifetime's compelling portfolio, and a strong management team which shares Lifetime's culture of quality, innovation, and outstanding customer service."
Simon Cope-Thompson, Managing Director at Arrowpoint Advisory, and head of the Consumer sector team, added: "Cross-border acquisitions are a key service line for Arrowpoint Advisory, combining our global footprint, sector insight and in-depth transactional experience. Our Consumer team has been delighted to be able to deploy all of these on Lifetime's behalf again."
Arrowpoint Advisory previously advised Lifetime on the acquisition of Creative Tops Limited and Creative Tops Far East Limited in 2011. The acquisition of Kitchen Craft further extends Lifetime's continued global growth strategy.