BusinessBusiness RecoveryWaterford Wedgwood to be sold to US private equity group

Waterford Wedgwood to be sold to US private equity group

Deal with KPS Capital Partners expected to be wrapped up in March, Deloitte says

David Carson, the receiver of Waterford Wedgwood has announced that the Irish
and UK businesses are to be sold to KPS Capital Partners LP, an American private
equity company.

However the deal, which is expected to be wrapped up in March, hinges on the
KPS snapping up overseas assets of the Waterford Wedgwood group, Deloitte said
today.

The Irish parent company went in receivership while the UK arms
went
into administration
in January.

David Carson, Deloitte partner and the receiver of Waterford Wedgwood plc,
said
‘We are pleased to announce that we have signed a contract with , a New
York-based private equity limited partnership under which Waterford Wedgwood
Royal Doulton Holdings Limited a company newly formed by KPS, will acquire
certain Irish and UK assets of Waterford Wedgwood and the assets of several of
its Irish and UK subsidiaries.’

‘As part of the transaction, KPS is purchasing certain overseas assets and
businesses of the Waterford Wedgwood Group.

‘It is expected that the completion of the acquisition of the overseas assets
and businesses of Waterford, Wedgwood and Royal Doulton will take place
simultaneously.’

The acquisition of the Waterford, Wedgwood and Royal Doulton assets in
Ireland and the UK is conditional on satisfactory conclusion of the overseas
transactions.’

Carson and the Joint Administrators are now working with KPS to close the
Irish and UK transaction and the acquisitions of the overseas assets and
businesses.

‘Completion is subject to customary conditions and is expected in March,’
Deloitte added.

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