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Waterford Wedgwood Bought by U.S. Private Equity Firm

By Staff -- Gifts and Dec, 3/5/2009 9:55:00 AM

New York — Waterford Wedgwood's United Kingdom and Irish businesses have been acquired by the U.S. private equity firm, KPS Capital Partners, which recently was out bid for the assets of Lenox. Waterford Wedgwood had signed a letter of intent with KPS in January, shortly after the tabletop company fell into either administration or receivership. 

Under a newly formed company WWRD Holdings, KPS is acquiring certain UK and Irish assets of Waterford Wedgwood and its subsidiaries, including Waterford Wedgwood plc, Waterford Wedgwood UK, Waterford Wedgwood Retail, Wedgwood, Josiah Wedgwood & Sons, Royal Doulton, Stuart & Sons and Waterford Crystal. 

The acquisition of the overseas assets and businesses of Waterford, Wedgwood and Royal Doulton is to take place simultaneously. The acquisition of those brands' assets in the UK and Ireland depend on the conclusion of the overseas transactions, with completion expected sometime this month.

Even though the businesses are now secure, the future of the remaining jobs in Stoke-on-Trent and Waterford remains in question. Members of the Wedgwood family entered a rival bid for the ceramics arm of the business, vowing to keep the manufacturing jobs in the UK. Also fearing that jobs may be lost overseas, the mayor of Stoke and a trade union have called upon KPS to keep production in the city. 

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