Waterford Wedgwood looks to have found a buyer, with detailed talks now in progress with a New York-based private equity limited partnership.
Deloitte, administrator of Waterford Wedgwood UK plc and receiver of Waterford Wedgwood plc, have today entered into a letter of intent with KPS Capital Partners, LP.
KPS is hoping to acquire the assets of the Waterford Wedgwood group worldwide, including certain assets of Waterford, Wedgwood and Royal Doulton, amongst others.
Commenting on the development, Waterford Wedgwood CEO David Sculley said: “This is a critical step forward for Waterford Wedgwood. We commend KPS for its confidence in our company, for the enormous amount of time, effort and resources expended by KPS globally that have resulted in reaching this important stage. I look forward to working towards the successful completion of a deal.”
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with committed capital in excess of $1.8bn. It aims to realise significant capital appreciation through controlling investments in companies undergoing change or in a period of transition.