11/7/14
A.T. Cross, a Portfolio Company of Clarion Capital Partners, Completes Add-On Acquisition of Sheaffer A.T. Cross, a Portfolio Company of Clarion Capital Partners, Completes Add-On Acquisition of Sheaffer
Lincoln, RI, November 7, 2014 – Clarion Capital Partners, LLC (“Clarion”), a New York-based middle market private equity firm, has expanded its fine writing instrument business, A.T. Cross Company, with the acquisition of Sheaffer, a global, premium fine writing instrument brand founded in 1913.
“By leveraging the individual strengths of Cross and Sheaffer, two authentic American fine writing brands, A.T. Cross Company is well positioned to be a worldwide leader in the design, manufacture, marketing and sale of premium, high quality writing instruments,” said Chad Mellen, CEO of A.T. Cross Company.
The Cross/Sheaffer combination will create new opportunities to drive revenue for each brand in important markets around the globe. The combined company will be better positioned in key markets such as the US, UK, Japan, Mexico and India.
Sheaffer will also allow Cross to leverage its existing sales infrastructure, back office, and manufacturing capabilities, leading to enhanced profitability. In addition, the Sheaffer brand will allow Cross to penetrate new fine writing instrument segments including within the business gift channel in which Cross has best-in-class customization capabilities.
“When we invested in A.T. Cross, our strategy included the potential for acquisitions, and we are delighted to acquire Sheaffer,” added Eric Kogan, a Partner at Clarion. “The Cross and Sheaffer brands are highly complementary, and we will now be able to offer our customers an exciting brand portfolio.”
A.T. Cross Company was represented in this transaction by its counsel, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Paul, Weiss, Rifkind, Wharton & Garrison LLP and its accounting and tax advisor, McGladrey LLP. Financing for the transaction was provided by GSO Capital Partners.
About Clarion
Founded in 1999, Clarion is a New York-based investment manager operating two primary business segments: Private Equity (launched in 1999) and Structured Credit (launched in 2018). Clarion’s private equity business seeks to make primarily control investments in a diversified portfolio of lower middle-market companies generating $7.5-30.0 million of EBITDA. Clarion focuses on growth companies in industries such as: Media, Entertainment & Technology; Financial Technology & Services; Business, Healthcare & Industrial Services; and Consumer. Clarion’s structured credit business focuses mostly on CLO equity and mezzanine investments, sourced both in the primary and secondary markets. The structured credit team manages traditional private funds and an insurance-dedicated fund. Additional information on Clarion can be found at www.clarion-capital.com.
About A.T. Cross Company
Founded in 1846, the A.T. Cross Company has helped generations of consumers celebrate signature moments with its award-winning quality writing instruments, journals, timepieces, non-prescription reading glasses and business accessories. Cross products are sold in 89 countries through fine department and specialty stores as well as through the corporate gift channel. For more information, please visit the A.T. Cross website: www.cross.com.
About Sheaffer
Founded in 1913, Sheaffer is a global, premium fine writing instrument brand. Over the past 100 years, Sheaffer has designed and marketed fine writing instruments consisting of ballpoint, rollerball and fountain pens. The Company also offers calligraphy products and leather goods under the Sheaffer brand name. Sheaffer has a worldwide presence with Mexico, Japan, U.S., Malaysia, Thailand, and India as its top 6 markets. The Company sells its products to consumers primarily through department stores, office supply stores, specialty stores, and the Company’s website. For more information, please visit the Sheaffer website: www.sheaffer.com.