Lenox Corporation announced that it was the successful bidder to purchase the operating assets and certain liabilities of Reed & Barton. The purchase is expected to close within the next 30 days, Lenox noted.
Tim Riddle will remain in a leadership position, as president of Reed & Barton, reporting to Lenox CEO Peter Cameron and president Lester Gribetz, Cameron told Gourmet Insider.
Lenox outbid Lifetime Brands, which made an announcement that it had lost its bid for the company on Wednesday. As previously reported, in February 2015, Lifetime Brands had announced that it had agreed to purchase the operating assets and to assume certain liabilities of Reed & Barton, which had filed for bankruptcy protection. No further comment had been provided by Lifetime at press time. The two other bidders were Godinger and Sequential Brands, in conjunction with Fitz and Floyd.
According to a report in Newsday, citing Reed & Barton’s bankruptcy attorney John Monaghan, Lenox submitted a cash bid of $22.2 million to acquire the operating assets and certain liabilities, mostly trade debt. Lifetime Brands had made a $15 million offer.
Under the purchase agreement, according to Lenox, Reed & Barton will continue to design and market a broad assortment of giftware, including picture frames, children’s gifts, crystal and metal serveware, Christmas ornaments and hardwood chests. Additionally, Lenox will continue to market under other brands within the Reed & Barton umbrella, including Thomas O’Brien for Reed & Barton, Lunt, Williamsburg for Reed & Barton, and R+B Everyday.
Cameron noted that Reed & Barton will continue to have its “own sales force, positioning and personality” and will also maintain its own showroom at Forty One Madison during the New York Tabletop Market. Operations will, over time, be consolidated into Lenox’s offices.
“We are thrilled to welcome Reed & Barton and its array of superb brands into the Lenox family,” stated Peter Cameron, CEO, Lenox Corporation. “As an American company steeped in honor and tradition, we are pleased to expand on the history, knowledge and craftsmanship of such an iconic American brand. We believe that the combination of these two prestigious brands will ensure that the next generation of American consumers elevates the experience of their guests when entertaining at home.”
Lenox plans to expand the Reed & Barton reach in the U.S. while bringing Reed & Barton to Lenox’s existing distribution in international markets, the company noted.
Riddle noted: “We are extremely happy with the outcome. Reed & Barton is a perfect fit amongst the other prestigious brands of the Lenox family.”