US private equity group KPS Capital Partners is close to completing a deal to buy the bankrupt china and crystal company Waterford Wedgwood.
A deal was close to being announced in the week commencing…
US private equity group KPS Capital Partners is close to completing a deal to buy the bankrupt china and crystal company Waterford Wedgwood. A deal was close to being announced in the week commencing 8 February 2009, it is believed, but the final details, such as KPS“s intentions for the future of the group, are still being decided. KPS signed a letter of intent to acquire Waterford Wedgwood, which owns the Waterford, Wedgwood and Royal Doulton brands, in early January 2009, but negotiations have proved protracted. That allowed a rival US private equity group, Clarion Capital, to join the race to buy the company, while members of the Wedgwood family also approached administrators Deloitte about a deal. However, KPS has now re-established itself as the favourite and is believed to be willing to continue manufacturing at the Waterford plant in Kilbarry, County Waterford, Ireland, after talks with unions and government guarantees of financial support.