KPS Capital Partners, a New York-based private equity firm, has preliminarily agreed to buy assets from china and crystal maker Waterford Wedgwood, which was put into administration earlier this week.
Receiver Deloitte said in a statement the joint administrators and KPS had entered a letter of intent for the acquisition of certain assets of Waterford, the 250-year-old Wedgwood pottery maker and the china dishware company Royal Doulton. The letter of intent is non-binding.
“The joint administrators and receiver are working with KPS to expeditiously agree the terms upon which a transaction can be completed in the interests of stakeholders,” Deloitte said.
On Monday, Dublin, Ireland-based Waterford Wedgwood Group, with factories in the UK and Ireland, was placed into receivership while the Irish Stock Exchange suspended trading of the company’s stock after it failed to get relief from its lenders on interest payments on its heavy debt load. The company’s board of directors had been trying to recapitalise the firm.
KPS, which invests in distressed companies, is investing through its $1.2 billion third fund (name), which closed in June 2007. The firm was founded by former investment bankers Michael Psaros, Eugene Keilan and David Shapiro in 1997.
The firm went through a restructuring in 2005 following the departure of principal Stephen Presser and four others, who left the firm to form rival distressed specialist Monomoy Capital Partners.
KPS did not return calls by press time.