KPS Capital Partners, LP, through a newly formed company, was the successful bidder in the auction to purchase substantially all of the assets of Lenox Group Inc. KPS has committed sufficient capital to fund the entire purchase price and the post-closing liquidity needs of Lenox without outside financing. The auction and sale is subject to final approval of the U.S. Bankruptcy Court. The offer does not include the Department 56 business, which is scheduled for a separate auction process to be held shortly.
“We are excited to proceed expeditiously with the closing of the transaction,” said Michael Psaros, managing partner of KPS. “We look forward to growing Lenox's unique portfolio of brands through innovation and cutting-edge design, and building on the company's tradition of quality and its legendary American heritage.”
“KPS made a substantial and firm offer and was the highest qualified bidder with the greatest certainty of closing quickly,” said Marc Pfefferle, chief executive officer of Lenox. “Furthermore, KPS’ commitment to provide the capital to build our brands so they can realize their full potential for sustainable growth and profitability is a great outcome for our employees, customers and vendors.”
For more information, call (267) 525-5095 or visit www.lenoxgroupinc.com