The receiver of Waterford Wedgwood and the joint administrators of the company“s UK arm confirmed the sale of the Irish and British businesses on 26 March 2009.
In a statement, David Carson, Deloitt…
The receiver of Waterford Wedgwood and the joint administrators of the company“s UK arm confirmed the sale of the Irish and British businesses on 26 March 2009. In a statement, David Carson, Deloitte partner and Receiver of Waterford Wedgwood PLC, commented: “I am pleased to announce completion of a sale agreement with KPS Capital Partners LP, a New York-based private equity limited partnership”. Under the deal, a company newly set up by KPS under the name WWRD Holdings Limited has acquired certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries. The announcement follows the signing of a sale agreement on 27 February 2009 which was conditional on the conclusion of a number of overseas transactions. “I can confirm that the purchase of certain overseas assets of the Waterford Wedgwood Group, including those in North America, Japan, Indonesia, Hong Kong, Taiwan, Singapore and Australia has also taken place”, Mr. Carson said. “I am pleased to have secured the continuation of one of the oldest and best known brands in the crystal and ceramics industries”. “This is the beginning of an exciting new era for Waterford Wedgwood”, said Pierre de Villemjane, the new chief executive officer of WWRD Holdings. “We look forward to building on the company“s world-renowned brands and incomparable heritage, premier designers and strong customer relationships”. The Irish and British arms of Waterford Wedgwood went into receivership and administration respectively on 5 January 2009.