Lifetime Brands, Inc. (NASDAQ GS: LCUT), a leading global provider of kitchenware, tabletop, home décor and lifestyle products, today announced it has acquired Creative Tops Limited and Creative Tops Far East Limited (“CTFE”).
Creative Tops is a leading wholesale provider of tableware, kitchenware and giftware products in the United Kingdom. The company’s principal office and distribution facilities are located in Corby, in the East Midlands region of England. CTFE is based in Hong Kong and provides sourcing and other services for Creative Tops and its customers. For its fiscal year ended March 31, 2011, Creative Tops and CTFE had combined net revenues of approximately $42.3 million.
Jeffrey Siegel, Lifetime’s Chairman, President and Chief Executive Officer commented,
“The acquisition of Creative Tops and CTFE represents a compelling, multifaceted opportunity that will allow us to accelerate our growth and to strengthen our business.“Creative Tops is a highly regarded provider of private label and branded housewares products. The company focuses on quality and design, and has an extensive sourcing infrastructure. “We are impressed by the quality, commitment and passion of Creative Tops’ management and expect the continuing management team, under the leadership of Patricia Dawson, to integrate seamlessly into Lifetime’s operating structure. “The acquisition reflects our ongoing commitment to building shareholder value through growth in revenues, net income and diluted earnings per share. Together with Lifetime’s established partnerships in North and Central America, this strategic combination creates a global leader in the housewares business with a focus on quality and innovation." Creative Tops markets its products to department stores, supermarket groups, home and garden centers and other housewares retailers and independent shops in the United Kingdom, and to retailers in Australia, France, Germany, Italy, Ireland, Korea, the Netherlands, New Zealand, Norway, Russia, South Africa, Spain, Taiwan and the United States.