Lifetime Brands, Inc. (NASDAQ GS: LCUT),
a global provider of branded kitchenware, tableware and other products used in the home, today announced it has acquired Thomas Plant (Birmingham) Limited.
Trading as Kitchen Craft, Thomas Plant is one of the United Kingdom’s leading suppliers of kitchenware products and accessories. Based in Birmingham, the company sells products under well-known proprietary, customer-exclusive and owned label brands. The company supplies over 2,600 customers in all classes of trade in the UK and in over 70 countries worldwide. As part of the Lifetime Brands platform, the company will operate as a separate division under the continuing leadership of Andrew Plant, Richard Plant and Peter Bushell.
For its fiscal year ended May 27, 2013, Thomas Plant had net revenues of approximately $70 million.
Lifetime expects the acquisition to be accretive to its diluted earnings per share beginning in 2014.
In connection with the acquisition, Lifetime amended and extended its revolving credit facility and entered into a new term loan agreement. The proceeds of the new term loan, together with borrowings under the revolving credit facility, were used to fund the cash portion of the purchase price and to repay the outstanding balance of the company’s existing term loan.
Jeffrey Siegel, Lifetime’s Chairman and Chief Executive Officer, commented,
“The acquisition of Thomas Plant represents a compelling opportunity for Lifetime that will accelerate our growth and make Lifetime a more effective global resource to our key retailer partners.
“Kitchen Craft’s broad ranges of kitchenware products fill a gap in our existing UK housewares assortment that will complement the tableware and gift assortments marketed by Creative Tops.
“We are impressed by the commitment and passion of Kitchen Craft’s management, which has fostered a culture of quality, innovation and outstanding customer service that is very similar to our own.