Lifetime Brands today announced it has acquired Thomas Plant (Birmingham) Limited, a U.K.-based housewares manufacturer and wholesaler. The company markets its products in the U.K. and internationally under such brands as Kitchen Craft, Master Class, Colourworks, and more, and as private label items.
Thomas Plant is one of the U.K.’s leading suppliers of kitchenware products and accessories. Based in Birmingham, the company supplies over 2,600 customers in all classes of trade in the U.K. 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.
“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,” Jeffrey Siegel, Chairman and CEO at Lifetime, said. “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.”
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.
“Lifetime’s global presence, capabilities and scale will facilitate Kitchen Craft’s growth in sales and profitability, as well as its expansion into new markets and geographies,” Siegel added. “Kitchen Craft’s gross profit and EBITDA margins will enhance Lifetime’s overall margins and help to support investments and drive profitability across Lifetime’s product categories. The addition of Kitchen Craft to Lifetime’s global platform — which includes Creative Tops Ltd., our U.K. tableware and accessories business; Lifetime Brands Canada, Grupo Vasconia SAB and GS Internacional S/A, our partner companies in Canada, Mexico and Brazil; and our joint venture companies in Asia — confirms Lifetime’s position as the global leader in the kitchenware and tableware categories.”
Andrew Plant, Kitchen Craft’s Managing Director, added, “This is a milestone for our 164-year old business, which is known for its portfolio of iconic kitchenware brands and its deeply loyal customer base. Lifetime is known as a stable, long-term owner of businesses and this combination provides us with the ideal platform on which to grow and to support our customers. The acquisition provides us with the resources and scale necessary to drive our future success and will further strengthen our existing product development, sourcing and distribution capabilities. My family and I wish to express our deep appreciation to all our employees, customers, suppliers and overseas business partners for their ongoing dedication and support. We hope all will share our excitement as we look forward to the next stage of our growth.”
The terms of the acquisition were not announced.