USA. Brown-Forman Corp has agreed to sell crystal and giftware brand Lenox to Minnesota company Department 56 for US$190 million to concentrate on its alcohol business.
The acquisition will give Department 56, the designer, distributor, wholesaler and retailer of fine gift and home accessory products, complete ownership of the Lenox portfolio, which includes Lenox fine china, crystal, collectibles and giftware; Dansk tableware and giftware; Gorham silver, crystal and china; and Kirk Stieff silver and pewter products.
The transaction, subject to regulatory clearance, is expected to conclude in six to eight weeks.
“The environment for this business has been challenging for several years as evidenced by the weakness throughout the USA tabletop and giftware industry,” Brown-Forman said. “Department 56 is very well positioned to focus exclusively on and grow this outstanding portfolio of brands.
“Given the difficult competitive environment for this industry and our robust auction process, we believe Brown-Forman has received an attractive price and terms for Lenox. The sale will enable Brown-Forman to concentrate its energies even further on our highly successful global beverage alcohol business.”
Brown-Forman will retain ownership of the Lenox headquarters property in New Jersey, which it plans to sell, and Lenox’s Brooks & Bentley subsidiary in the UK. The company says it is “continuing its strategic review of Brooks & Bentley in a separate process”.
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