Lifetime Brands, Inc. Announces Management Appointments; Plans to Finance $275 Million Senior Secure Term Loan and $150 Million Asset Base Loan
December 23, 2017 at 03:52 am IST
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Lifetime Brands, Inc. announced the acquisition of Filament Brands. The company announced Robert Kade (Rob Kay), Filament's CEO, who will become the CEO of Lifetime and Jeffrey Siegel will become Executive Chairman when this transaction closes. Rob is a senior seasoned executive with more than 20 years of experience building and running and improving the profitability of several companies. Following close, Rob and two representatives of Centre Partners, Bruce Pollack and Michael Schnabel, will also join Lifetime's board which will expand to 13 directors.
The company plans to finance the transaction through a combination of proceeds from a newly committed $275 million senior secure term loan and a $150 million asset base loan.
Lifetime Brands, Inc. designs, sources and sells branded kitchenware, tableware and other products used in the home. The Company operates through two segments: United States and International. The Company designs, markets and distributes its products to retailers, distributors and directly to consumers through retail Websites. The Company's product categories include two categories of products used to prepare, serve, and consume foods, including Kitchenware (kitchen tools and gadgets, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantry ware, spice racks and bakeware) and Tableware (dinnerware, stemware, flatware, and giftware). Its Home Solutions category includes products used in the home (thermal beverageware, bath scales, weather and outdoor household products, food storage, neoprene travel products and home decor). Its brands include Farberware, Mikasa, KitchenAid, Taylor, BUILT NY, KitchenCraft, Kamenstein, Pfaltzgraff, Rabbit, and MasterClass.
LIFETIME BRANDS, INC. 
