Lifetime Brands, Inc. Acquires Fred® & Friends
GARDEN CITY, N.Y. -- December 21, 2012
Lifetime Brands, Inc. (NasdaqGS: LCUT), a global provider of branded
housewares products, today announced it has acquired the business and certain
assets of Easy Aces, Inc., which operates under the name Fred^® & Friends
(“F&F”). F&F designs and markets novelty housewares and other products under
the Fred^® brand.
Fred^® products include innovative and fun kitchen tools, tabletop
accessories, party goods, personal accessories and desk and tech products.
Fred^® products are primarily distributed through independent specialty
stores, selected major retailers and small chains, primarily in the U.S. and
Jeffrey Siegel, Lifetime’s Chairman, President and Chief Executive Officer
“Lifetime’s access to international markets in Europe, Mexico, Brazil and
China provides opportunities to introduce Fred^® products into new markets and
distribution channels. At the same time, Lifetime will benefit from F&F’s
strong relationships with independent specialty stores, which should enable
Lifetime to increase distribution of our recently introduced Savora^® line of
unique upscale kitchen tools and gadgets, which is targeted to this retail
Frederick A. Roses, F&F’s founder and “Head Fred,” said,
“Our very motivated and talented team looks forward to becoming a part of
Lifetime. We’ll get to keep doing what we’re best at -- designing products
that put smiles on peoples’ faces and working with our designers, suppliers
and customers -- and let the folks at Lifetime take care of the rest.”
F&F’s website is www.fredandfriends.com. The company is located in Cumberland,
The acquisition is expected to be accretive to the Company’s diluted earnings
per share in 2013. Terms of the acquisition were not announced.
In this press release, the use of the words “believe,” "could," "expect,"
"may," "positioned," "project," "projected," "should," "will," "would" or
similar expressions is intended to identify forward-looking statements that
represent the Company’s current judgment about possible future events. The
Company believes these judgments are reasonable, but these statements are not
guarantees of any events or financial results, and actual results may differ
materially due to a variety of important factors. Such factors might include,
among others, the Company’s ability to comply with the requirements of its
credit agreements; the availability of funding under such credit agreements;
the Company’s ability to maintain adequate liquidity and financing sources and
an appropriate level of debt; changes in general economic conditions which
could affect customer payment practices or consumer spending; the impact of
changes in general economic conditions on the Company’s customers; changes in
demand for the Company’s products; shortages of and price volatility for
certain commodities; significant changes in the competitive environment and
the effect of competition on the Company’s markets, including on the Company’s
pricing policies, financing sources and an appropriate level of debt.
Lifetime Brands, Inc.
Lifetime Brands is a leading global provider of kitchenware, tabletop and
other products used in the home. The Company markets its products under such
well-known kitchenware brands as Farberware^®, KitchenAid^®, CasaMōda^®,
Cuisinart^®, Cuisine de France^®, Guy Fieri^®, Hoffritz^®, Kizmos™, Misto^®,
Pedrini^®, Roshco^®, Sabatier^®, Savora™ and Vasconia^®; respected tabletop
brands such as Mikasa^®, Pfaltzgraff^®, Creative Tops^®, Gorham^®,
International^® Silver, Kirk Stieff^®, Sasaki^®, Towle^® Silversmiths,
Tuttle^®, Wallace^®, V&A^® and Royal Botanic Gardens Kew^®; and home solutions
brands, including Fred^®, Elements^®, Melannco^®, Kamenstein^® and Design for
Living™. The Company also provides exclusive private label products to leading
The Company’s website is www.lifetimebrands.com.
Lifetime Brands, Inc.
Laurence Winoker, 516-203-3590
Chief Financial Officer
Harriet Fried, 212-838-3777
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