Lenox names KPS Capital Partners successful bidder for substantially all assets

By Caroline Salls

Pittsburgh, Feb. 12 - Lenox Group, Inc. has named KPS Capital Partners, LP as the successful bidder for substantially all of Lenox's assets through a newly formed company, according to a KPS news release.

KPS said it has committed enough capital to fund the entire purchase price and the post-closing liquidity needs of Lenox without outside financing.

"We are excited to proceed expeditiously with the closing of the transaction," KPS managing partner Michael Psaros said in the release.

"We look forward to growing Lenox's unique portfolio of brands through innovation and cutting edge design, and building on the company's tradition of quality and its legendary American heritage."

Lenox chief executive officer Marc Pfefferle said in the release, "KPS made a substantial and firm offer and was the highest qualified bidder with the greatest certainty of closing quickly."

"Furthermore, KPS's commitment to provide the capital to build our brands so they can realize their full potential for sustainable growth and profitability is a great outcome for our employees, customers and vendors."

The sale is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.

KPS said the offer does not include Lenox's Department 56 business, which is scheduled for a separate auction process to be held shortly.

Lenox, an Eden Prairie, Minn.-based tableware, collectibles and giftware products company, filed for bankruptcy on Nov. 23. Its Chapter 11 case number is 08-14679.

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