Lifetime Brands, Inc. has acquired Creative Tops
Arrowpoint Advisory has advised Lifetime Brands, Inc. on its acquisition of Creative Tops Limited and Creative Tops Far East Limited.
Creative Tops is the UK's leading supplier of tableware and kitchenware to UK customers including Tesco, Waitrose, John Lewis and Sainsbury's, and to customers across Europe, South Africa, the Far East, US and Australasia.
Creative Tops' products are sold under retailers' own-brand labels and under licenses including V&A® and Royal Botanic Gardens Kew®. The company is based in Corby, Northants and in the year to 31 March 2011, it made net sales of 26.3 million ($42.3 million).
Lifetime (NASDAQ: LCUT) is North America's leading provider of nationally branded kitchenware, tabletop, home decor and lifestyle products. It owns well-known kitchenware brands such as Farberware®, KitchenAid®, Cuisinart® and Sabatier®; and respected tabletop brands such as Mikasa®, Calvin Klein®, Nautica® and Sasaki®.
The acquisition significantly broadens the geographic scope of Lifetime's business and will enable the company to accelerate plans to introduce its key tabletop brands, such as Mikasa® and Pfaltzgraff® into key markets in Europe, Asia and South Africa, where Creative Tops has strong relationships with local retailers. Lifetime will in turn introduce Creative Tops' successful lines of dinnerware, mugs, tablemats, coasters, trays, gift sets and textiles to retailers in North and Central America.
The deal also enables Creative Tops to accelerate its growth and profitability by leveraging Lifetime's experience in designing, sourcing and merchandising kitchenware products to provide its customers with new assortments of branded and private label kitchenware programs.
Jeffrey Siegel, Lifetime's President and Chief Executive Officer commented: “This acquisition represents a compelling, multi-faceted opportunity that will allow us to accelerate Lifetime's growth and to strengthen our business. We are impressed by the quality, commitment and passion of the management team, which will continue under the leadership of MD Patricia Dawson. With the benefit of Lifetime's infrastructure, we will enable Creative Tops to increase its rate of growth and profitability beyond that which it can achieve on its own. This strategic combination creates a global leader in the housewares business with a focus on quality and innovation and serves as a platform from which to build shareholder value for years to come.”
Ronald Shiftan, Lifetime Chief Operating Officer said: “We're delighted with the acquisition and are looking forward to working with the Creative Tops team to take our businesses forward together.”
Daniel Domberger, Managing Director at Arrowpoint Advisory, who led the transaction for Lifetime, added: “This was a classic Arrowpoint Advisory deal, as it played to both our trans-Atlantic capability and our Consumer sector expertise, particularly in licensed branded products. Lifetime has a clear vision for its international growth and the Creative Tops acquisition is an ideal extension of that vision.”