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.
Wow well I guess we'll soon know the real future of these companies. The rumors have been milling about for too long!
Doulton Event - 2009-03-12 16:20:00 EDT
Where did it all start than now ended up with this agreement. Was it that successful companies that were leaders in their industry had enough money to buy others that they did not really have expertise in and/or that there were firms that had to make a decision to sell or perish . . . or both?
When was it that brands could rely on the name that had great respect in the public's eyes but with new ownership, the quality did not meet their expectations? Or was it due, in the case of these firms, that the level of product knowledge by professional sales staffs at the retail level morphed into being just clerks under the title of "sales associates?" . . . and not even good at that. Or was it that management saw salespeople as expense items and not assets hence, to cut expenses the salaries and number of salespeople was lowered?
Is it a case of the quality stores (department and speciality) have gone from entrepreneural to being absorbed by conglomerates that changed or closed these stores?
Or, was it a combination of all of the above? And, will it ever revert or should it due to there not being a need for really quality merchandise?
But, it is reality and we cannot change the direction it is going in. However, it opens the doors for new Waterfords, Wedgwoods, Doultons, Rosenthals under names of new creators and family names to take their place.
It is sad for one who sold, proudly, products of all these firms and the other firms acquired by the same group.
Alan J. Zell - 2009-03-05 19:37:00 EST
When was it that brands could rely on the name that had great respect in the public's eyes but with new ownership, the quality did not meet their expectations? Or was it due, in the case of these firms, that the level of product knowledge by professional sales staffs at the retail level morphed into being just clerks under the title of "sales associates?" . . . and not even good at that. Or was it that management saw salespeople as expense items and not assets hence, to cut expenses the salaries and number of salespeople was lowered?
Is it a case of the quality stores (department and speciality) have gone from entrepreneural to being absorbed by conglomerates that changed or closed these stores?
Or, was it a combination of all of the above? And, will it ever revert or should it due to there not being a need for really quality merchandise?
But, it is reality and we cannot change the direction it is going in. However, it opens the doors for new Waterfords, Wedgwoods, Doultons, Rosenthals under names of new creators and family names to take their place.
It is sad for one who sold, proudly, products of all these firms and the other firms acquired by the same group.
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