8/21/14
A.T. Cross Company to Acquire Sheaffer A.T. Cross Company to Acquire Sheaffer
Clichy – New York, August 21, 2014. BIC Group and A.T. Cross Company, a portfolio company of Clarion Capital Partners, announced today that they have signed an Asset Purchase Agreement for the sale of Sheaffer, BIC’s fine writing instrument business, to A.T. Cross Company for approximately 15 million dollars, subject to final working capital adjustments.
By leveraging the individual strengths of Cross® and Sheaffer®, two authentic, American fine writing brands, the A.T. Cross Company will create a business that is well-positioned to be a worldwide leader in the design, manufacture, and sale of premium, high-quality writing instruments.
The closing is expected by the end of October, 2014.
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 Services; and Consumer & Consumer Services. 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 BIC
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2013, BIC recorded net sales of 1,898.7 million euros. The Company is listed on “Euronext Paris” and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following SRI indexes: FTSE4Good Europe, ASPI Eurozone, Ethibel Excellence Europe, Gaia Index and Stoxx Global ESG Index. For more information, please visit BIC corporate web site: www.bicworld.com.