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KPS CAPITAL
PARTNERS PORTFOLIO COMPANY,
WWRD HOLDINGS LIMITED, COMPLETES SUCCESSFUL RECAPITALIZATION
New
York, NY
(January 3, 2013) -- KPS Capital Partners, LP ("KPS") announced
today that its portfolio company WWRD Holdings Limited (“WWRD” or the
“Company”) has completed a successful two-step recapitalization. WWRD raised $167.5 million of
financing, including a $117.5 million asset-based revolving credit
facility and a $50 million term loan.
The proceeds of the recapitalization were used to refinance
outstanding debt, to fund a $50 million cash distribution to stockholders
and to support the Company’s continued growth. Including this distribution, WWRD has
distributed approximately $66 million of cash to stockholders in the last
fifteen months.
Following the recapitalization,
WWRD remains conservatively capitalized with the continued support of its
majority shareholder, KPS, a private equity firm with $2.5 billion of
assets under management. KPS, its
co-investors and WWRD management continue to own 100% of WWRD’s common
stock following the recapitalization.
Pierre de Villeméjane,
the Chief Executive Officer of WWRD, said, “This successful
recapitalization is the result of our company’s strong financial
performance, continued growth worldwide and the successful execution of
our long term strategic objective of expanding WWRD’s position as the
world’s leading luxury home and lifestyle company. WWRD is uniquely positioned as the only
truly global company in our industry.
WWRD’s growth has been driven by new product introductions,
including the Wedgwood & Bentley, House of Waterford Crystal and
Waterford Interiors collections, increased market share in the
hospitality channel, and the growing demand for our luxury products in
developing markets. Our conservative
capital structure and the financial support of our stockholders provide
us with the resources to support our customers and accelerate our
growth. We are pleased to return
capital to our stockholders, and thank Bank of America for its strong
support since our formation in 2009.”
Financing for the
recapitalization was provided by a syndicate of banks with Bank of
America Merrill Lynch acting as lead arranger and Bank of America
Business Capital (“Bank of America”) acting as Administrative Agent on
the $117.5 million asset-based revolving credit facility and the $50
million term loan.
Paul, Weiss, Rifkind,
Wharton & Garrison LLP served as legal counsel to WWRD with respect
to the recapitalization.
About
WWRD Holdings Limited
WWRD Holdings Limited
("WWRD") is the leading provider of luxury home and lifestyle
products worldwide, sold under a number of well-recognized brands,
including Waterford, Wedgwood, Royal Doulton,
Royal Albert and Johnson Brothers.
WWRD maintains unique licensing arrangements with some of the most
high-profile innovators in the home and lifestyle market, including Vera
Wang, Jasper Conran, John Rocha, Monique Lhuillier, Donna Hay and Gordon Ramsay. WWRD's products are distributed through
premium department stores and independent retailers and wholesalers in more
than 80 countries around the world. WWRD employs approximately 3,000
associates worldwide. For more
information about WWRD, please visit www.wwrd.com.
About
KPS Capital Partners, LP
KPS
Capital Partners, LP is the manager of the KPS Special Situations Funds,
a family of private equity funds with $2.5 billion of assets under
management focused on constructive investing in restructurings,
turnarounds and other special situations.
The KPS investment strategy targets manufacturing and industrial
companies with strong market positions that are going through a period of
transition or experiencing operating or financial difficulties. For over two decades, the partners of
KPS have worked with the management teams and associates of its portfolio
companies to improve operating and financial performance by focusing on
cost reduction, efficiency, operational excellence and strategic growth
initiatives. KPS Portfolio
Companies, as of September 30, 2012, have aggregate annual revenues of
approximately $6.8 billion, operate 85
manufacturing plants in 25 countries, and employ over 29,000 associates,
directly and through joint ventures worldwide. The KPS investment strategy and
portfolio companies are described in detail at the firm's website: www.kpsfund.com.
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