GARDEN CITY, N.Y., Aug. 31, 2016 (GLOBE NEWSWIRE) — Lifetime Brands, Inc. (NasdaqGS:LCUT) and Focus Products Group International, LLC today announced that they have entered into a letter of intent, pursuant to which Lifetime would acquire the Kitchen Division of Focus Products Group, which sells various products under the Amco Houseworks®, Chicago™ Metallic and Swing-A-Way® brands.
Lifetime is a leading global provider of branded kitchenware, tableware and other products used in the home. Shares of Lifetime’s common stock are traded on the NASDAQ Stock Market under the symbol “LCUT”.
Founded in 2001, Focus Products Group International, LLC is a growth-oriented national provider of leading brands in the Bath, Home Fashion and Housewares for both retail and commercial spaces. Focus is a portfolio company of Centre Lanes Partners, LLC.
Jeffrey Siegel, Lifetime’s Chairman and Chief Executive Officer, said, “We are delighted to add Focus Kitchen’s iconic brands, which complement Lifetime’s existing bakeware and kitchenware businesses.”
Marc Navarre, Focus’s President and Chief Executive Officer, said, “We are pleased to see the Focus Kitchen brands find an excellent home with Lifetime, allowing us to concentrate on our core brands and businesses.”
The parties intend to sign a definitive purchase agreement in the next two weeks and close the transaction the same day. The transaction is subject to the parties entering into a definitive purchase agreement for the acquisition.
Lifetime Brands, Inc.
Lifetime Brands is a leading global provider of kitchenware, tableware and other products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Fred® & Friends, Kitchen Craft®, Kamenstein®, Kizmos™, La Cafetière®, Misto®, Mossy Oak®, Reo®, Savora™ and Vasconia®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Creative Tops®, Empire Silver™, Gorham®, International® Silver, Kirk Stieff®, Towle® Silversmiths, Tuttle®, Wallace®, Wilton Armetale®, V&A® and Royal Botanic Gardens Kew®; and valued home solutions brands, including Bombay®, BUILT NY®, Debbie Meyer® and Design for Living™. The Company also provides exclusive private label products to leading retailers worldwide.
The Company’s corporate website is www.lifetimebrands.com.
Focus Products Group International, LLC
Focus Products Group is a national provider of leading brands in the Bath, Home Fashion and Housewares for both retail and commercial spaces. The Company’s brands include Sure Fit®, Patio Armor®, West Bend®, Vinturi®, Hookless®, Arc & Angles®.
The Company’s corporate website is www.focuspg.com.
Contacts:
| Lifetime Brands, Inc. Laurence Winoker, Chief Financial Officer 516-203-3590 [email protected] |
Focus Products Group International, LLC Julie Wiseman, Communication Manager 224.513.2007 |
LHA Harriet Fried, SVP 212-838-3777 [email protected] |