Lifetime Brands, Inc., a Westbury, New York-based designer, marketer and distributor of branded consumer products for the home, announced 19 September 2005 that it had acquired certain tabletop assets…
Lifetime Brands, Inc., a Westbury, New York-based designer, marketer and distributor of branded consumer products for the home, announced 19 September 2005 that it had acquired certain tabletop assets from Salton, Inc.. The purchase price was approximately USD 14.2 million. The acquisition extends Lifetime“s distribution to the fine china and crystal categories. The assets include Salton“s Block(R) and Sasaki(R) brands, licenses to market Calvin Klein(R) and NapaStyle(TM) tabletop products and distribution of upscale crystal products under the Atlantis(R) brand. In addition, Lifetime entered into a new license with Salton to market tabletop products under the Stiffel(R) brand. Net sales related to the acquired assets were approximately USD 20 million for the twelve months ended 30 June 2005. Jeffrey Siegel, Lifetime“s Chairman, President and Chief Executive Officer, stated, “We are very excited about the potential that these well-known tabletop names bring to Lifetime“s powerful portfolio of brands. This acquisition is an important step in our plan to elevate our tabletop division to a preeminent position within the industry”. “The Calvin Klein(R) and Atlantis(R) brands give Lifetime a prestigious presence in the better tabletop business,” added Mr. Siegel. “In addition, Block(R), Sasaki(R) and Stiffel(R) complement our centerpiece Pfaltzgraff(R) brand in the broad housewares segment of the tabletop business.” Steven Lizak, formerly Senior Vice President of Sales and Marketing at Mikasa/Arc International, joined Lifetime as President of the company“s tabletop division in 2004. The combined businesses will give Lifetime a portfolio of tabletop brands recognized across the USA, including Atlantis(R), Block(R), Calvin Klein(R), Farberware(R), Joseph Abboud Environments(R), Kathy Ireland(R), NapaStyle(TM), Nautica(R), Pfaltzgraff(R), PFZ(TM), Retroneu(R), Sabatier(R), Sasaki(R) and Stiffel(R). Lifetime expects the acquisition to contribute approximately USD 6 million in revenues in 2005 and to be nominally profitable for the year. Lifetime funded the transaction through its credit facility. Lifetime Brands is a designer, marketer and distributor of kitchenware, cutlery and cutting boards, bakeware and cookware, pantryware and spices, and tabletop and bath accessories. It markets its products under various trade names, including Farberware(R), KitchenAid(R), Cuisinart(R), DBK(TM)-Daniel Boulud Kitchen, Joseph Abboud Environments(R), Kathy Ireland(R), Baker“s Advantage(R), CasaModa(TM), Hoffritz(R), Kamenstein(R), Nautica(R), Pfaltzgraff(R), PFZ(TM), Retroneu(R), Roshco(R), Sabatier(R), and :USE(R). Lifetime“s products are distributed through almost every major retailer in the United States.