Lifetime Brands acquires Creative Tops, Creative Tops Far East
Garden City N.Y.-based Lifetime Brands, a provider of kitchenware, tabletop, home decor and lifestyle products, has acquired Creative Tops Limited and Creative Tops Far East Limited (CTFE).
Creative Tops is a wholesale provider of tableware, kitchenware and giftware products in the United Kingdom. CTFE is based in Hong Kong and provides sourcing and other services for Creative Tops and its customers.
For its fiscal year ended March 31, Creative Tops and CTFE had combined net revenues of about $42.3 million.
"The acquisition of Creative Tops and CTFE represents a compelling, multifaceted opportunity that will allow us to accelerate our growth and to strengthen our business,” said Jeffrey Siegel, Lifetime's chairman, president and CEO. "Creative Tops is a highly regarded provider of private-label and branded housewares products.
"The acquisition reflects our ongoing commitment to building shareholder value through growth in revenues, net income and diluted earnings per share. Together with Lifetime's established partnerships in North and Central America, this strategic combination creates a global leader in the housewares business with a focus on quality and innovation."
Creative Tops markets its products to department stores, supermarket groups, home and garden centers and other housewares retailers and independent shops in the United Kingdom, and retailers in Australia, France, Germany, Italy, Ireland, Korea, the Netherlands, New Zealand, Norway, Russia, South Africa, Spain, Taiwan and the United States.
CTFE provides product design, sourcing, quality assurance, ethical compliance and audit, merchandising, logistics, order fulfillment and other services for Creative Tops, as well as for its global retailer partners that choose to develop their own in-line or seasonal offerings and promotions.
Lifetime was advised by Livingstone Partners, trans-Atlantic corporate finance advisers specializing in cross-border M&A.