Kitchen Craft acquired by US-based Lifetime Brands
KITCHENWARE business Kitchen Crafts has been acquired by US firm Lifetime Brands in an undisclosed deal.
The Birmingham-based firm was established in 1850 as Thomas Plant and has remained in family ownership ever since. The business sells a wide range of branded and own brand kitchenware products.
With a customer base ranging from independent stores through to larger chains, the company supplies more than 2,600 clients in the UK and in more than 70 countries worldwide. Its annual turnover is roughly £43m.
Lifetime Brands is a global provider of branded kitchenware, tableware and other home products, supplying the top homeware retailers in North America.
As part of the Lifetime Brands portfolio, Kitchen Craft will operate as a separate division under the continuing leadership of Andrew Plant, Richard Plant and Peter Bushell.
Andrew Plant, managing director of Kitchen Craft, said: “This is a milestone for our 164-year old business, which is known for its portfolio of kitchenware brands, customer service and its deeply loyal customer base.
“Lifetime is known as a stable, long-term owner of businesses and this combination provides us with the ideal platform on which to grow and to support our customers.
“The acquisition provides us with the resources and scale necessary to drive our future success and will further strengthen our existing product development, sourcing and distribution capabilities.”
Jeffrey Siegel, chairman and chief executive officer of Lifetime Brands, said: “The acquisition of Thomas Plant represents a compelling opportunity for Lifetime that will accelerate our growth and make Lifetime a more effective global resource to our key retailer partners.
“We are impressed by the commitment and passion of Kitchen Craft’s management, which has fostered a culture of quality, innovation and outstanding customer service that is very similar to our own.”
A team at Birmingham-based Clearwater Corporate Finance, led by consumer partner Gareth Iley and director John Clarke, advised the shareholders of Kitchen Craft on the deal.
Gareth Iley, consumer partner at Clearwater, said: “With the UK economy in recovery, we are seeing an increase in overseas companies, particularly in the US, looking to expand their portfolios in the UK and Europe.
“Kitchen Craft and Lifetime Brands share the same values and ethos and the combination of these two businesses will provide significant opportunities for growth both in the UK and internationally.”
The shareholders of Kitchen Craft were also advised by Birmingham law firm Shakespeares and accountancy firm BDO.
Lifetime Brands was advised by Livingstone Partners and the Leicester office of law firm Gateley.
