Press Releases

KPS Capital Partners Portfolio Company, WWRD Holdings Limited, Completes Successful Recapitalization

Jan 02, 2013

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

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with over $11.5 billion of assets under management (as of October 15, 2019).  For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $8.3 billion, operate 134 manufacturing facilities in 26 countries, and have approximately 28,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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