Gift and Tabletop Vendor Lenox Re-Sold to New Buyer
New Deal Includes Department 56
By Staff -- Gifts and Dec, 2/27/2009 2:11:00 PM
New York — A private equity company bought the assets of bankrupt Lenox Group at auction for the second time in two weeks. The bankruptcy court reopened the bidding process during a hearing on February 25 and approved the bid of a group led by Clarion Capital Partners LLC.
Clarion won the bankruptcy auction to acquire substantially all the assets of Lenox. Unlike the previous deal with KPS Capital Partners, Clarion’s purchase includes the Department 56 seasonal gift brand, as well as the Lenox, Dansk and Gorham tabletop brands.
While specifics of the sale are not being released, the transaction is believed to be valued at approximately $100 million, inclusive of cash and assumption of certain liabilities of Lenox’s. It is expected to close in March.
Peter Cameron, previously CEO of Waterford Wedgwood plc and All-Clad Metalcrafters LLC, will become the new CEO of Lenox as soon as the transaction closes.
Wow, I just read in HFN that good old Peter has hired Lester G. from
Bloomies and the old team from Waterford and some from the "old
Lenox". My goodness there goes the overhead right through the sky.
More vice presidents than workers!!! Nice move Pete this will really turn
the"new Lenox" into winner. Hope you have really deep pockets.
Fred - 2009-04-07 11:52:00 EDT
Bloomies and the old team from Waterford and some from the "old
Lenox". My goodness there goes the overhead right through the sky.
More vice presidents than workers!!! Nice move Pete this will really turn
the"new Lenox" into winner. Hope you have really deep pockets.
Regarding the Department 56 Brand, I designed for D56 the first 15 years along side Ed Bazinet when D56 was on the rise. We worked very hard to bring creativity to an otherwise stale gift business. After Ed's departure from the company, I stopped designing for D56 as well. You cannot replace "original talent and vision" with managers who do not understand or respect the core values of the original business. I am sorry to see this wonderful company sold. We have lost an original leader in our industry. Now it is the job of design to begin again and create a new company with today's customers needs as it's focus. Hard times in our economy brings rewards to those with the courage to build a new company vision. Your response is welcome.
Cheryl Johnson of CAJ Design, Inc. - 2009-03-04 10:18:00 EST
Good old Peter just weasels his way into any deal to try to make a buck!
Had to throw the towel in on his last visit at Waterford, and now let's
see what happens to this collection of brands.
Fred - 2009-02-27 17:04:00 EST
Had to throw the towel in on his last visit at Waterford, and now let's
see what happens to this collection of brands.
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