9/6/13
Clarion Capital Partners, LLC Completes Purchase of Cross Accessory Division from A.T. Cross Company Clarion Capital Partners, LLC Completes Purchase of Cross Accessory Division from A.T. Cross Company
New York, NY, – September 6, 2013 – Clarion Capital Partners, LLC today announced that, through a newly formed affiliate, it has completed the acquisition of the Cross Accessory Division (“Cross”) of A.T. Cross Company (NASDAQ: ATX) for $60 million in cash, less an adjustment based upon closing working capital and cash balances. Cross has been renamed A.T. Cross Company and the public company will change its name to Costa Inc. shortly after close.
Founded in 1846, Cross is a leading international designer, manufacturer and marketer of high-quality, premium writing instruments as well as personal and business accessories including timepieces, leather goods, reading glasses, desk sets and stationery. Cross is an iconic brand and widely considered to be one of the most recognizable fine writing instrument brands in the world. For more information, visit the A.T. Cross website at www.cross.com.
Eric Kogan, a Partner with Clarion Capital Partners commented, “We are delighted to have the opportunity to invest in this truly iconic American brand. Generations of quality-focused consumers around the world have embraced Cross in their everyday lives, when they have important gifts to give, special letters to write and documents to sign. We look forward to partnering with Cross’ dedicated management team and employees to build Cross as an independent company, capitalizing on the many opportunities available to this exciting global brand.”
Clarion Capital Partners was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP as its legal advisor and retained Lincoln International LLC to serve as its exclusive financial advisor, helping to structure and arrange the financing. The debt financing consisted of a senior asset based revolving credit facility provided by HSBC Bank and a unitranche term loan 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.