Deloitte completes sale of Waterford Wedgwood
450 Australian jobs saved at iconic brandDOWNLOAD
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Tim Norman and David Lombe of Deloitte Australia have completed the sale of Waterford Wedgwood and Royal Doulton’s Australian subsidiaries, and in the process, have saved 450 Australian jobs and maintained key supplier and customer relationships.
In order to achieve a complex corporate and financial restructure of the Waterford Wedgwood Group, Tim Norman and David Lombe of Deloitte Australia were appointed receivers of the shares in two Australian Waterford Wedgwood Group companies.
The successful sale of the overseas subsidiaries including Australia, North America, Japan, Indonesia, Hong Kong, Taiwan and Singapore was a key condition of the sale agreement, negotiated by the UK Administrators and signed (on 27 February 2009) by the purchaser KPS Capital Partners LP, a New York-based private equity limited partnership ( www.kpsfund.com).
Tim Norman, Deloitte partner, commented: “This has been a complicated global corporate and financial restructure culminating in a transaction spanning many countries and taking over three months. We are delighted to get the result as it has secured 450 Australian jobs and preserved some of the oldest and best known brands in the ceramics and crystal industries.”
Newly formed by KPS, WWRD Holdings Limited has acquired certain UK and Irish assets of Waterford Wedgwood and the assets of several of its UK and Irish subsidiaries including Australia.
Pierre de Villemejane, the new Chief Executive Officer of WWRD Holdings commented: “This is the beginning of an exciting new era for Waterford Wedgwood. We look forward to building on the company’s world-renowned brands and incomparable heritage, premier designers and strong customer relationships. No other company in this dynamic sector has a comparable breadth of products from classic to contemporary, and we intend to grow the business aggressively. Our exclusive focus will be on providing our customers with the most innovative, fashionable and quality products in the world.
“We intend to grow the company organically and through acquisition, leveraging our capital strength and the pre-committed acquisition facility contained in our bank financing. We believe that our primary competitors are generally undercapitalized and regionally focused, presenting a significant opportunity to consolidate the industry worldwide,” Mr. de Villeméjane concluded.
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