Lifetime Brands acquires Kitchen Craft
January 15, 2014-- Home Textiles Today,
Garden City, N.Y. - Housewares supplier Lifetime Brands acquired U.K. kitchenware company Kitchen Craft in a move that extends its global reach.
The 164-year-old Birmingham-based company is also known as Thomas Plant Ltd. It is privately held and supplies more than 70 countries, selling under private labels and brands such as Kitchen Craft, Master Class, Colourworks, Le'Xpress and others. It will continue to operate as a separate division led by directors Andrew Plant, Richard Plant and Peter Bushell.
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. The terms of the acquisition were not announced.
The acquisition will "accelerate our growth and make Lifetime a more effective global resource to our key retailer partners," said Jeffrey Siegel, Lifetime's chairman and chief executive officer. Kitchen Craft's broad range of kitchenware will "fill a gap in our existing UK housewares assortment," he said.
Lifetime's global platform includes its UK tableware and accessories business, partner companies in Canada, Mexico and Brazil and joint venture companies in Asia.