Lifetime Brands deal will bring new CEO, Rob Kay
Rob Kay, CEO of Filament Brands, will become the new CEO of Lifetime Brands after the companies combine. Credit: Filament Brands
Garden City-based Lifetime Brands Inc. on Friday said it has agreed to buy Filament Brands from a private equity firm in a deal that values the firm at about $313 million.
As part of the deal, Rob Kay, 55, CEO of Filament, will become CEO at Lifetime Brands.
Jeffrey Siegel, chairman and CEO of Lifetime Brands, will become executive chairman at the company.
Lifetime said it will continue to be headquartered in Garden City, with a significant presence in Seattle.
Filament shareholders, led by the private equity firm Centre Partners, will own 27 percent of Lifetime Brands.
Last month, Lifetime reported a nearly 33 percent drop in net income, as retailers close stores due to online competition.
The company, which sells kitchenware, tableware and other products, including Farberware and KitchenAid, posted net income of $4.33 million for the quarter ended Sept. 30, compared with $6.45 million during the same quarter in 2016.
Net sales dipped by 2.45 percent from a year earlier, to less than $166 million for the quarter.
Brands under the Filament banner include: Rabbit, RBT, Houdini, Chef’n, VIBE, Taylor Kitchen, Taylor Bath, Taylor Weather, EatSmart, Springfield and Salter.
The deal is expected to close in the first half of 2018.
Lifetime Brands shares fell 0.3 percent in afternoon trading to $17.05.
