KPS CAPITAL, the US fund that is bidding for Waterford Wedgwood, looks set to have something to pour into all those expensive glasses if it succeeds in buying the luxury crystal and china group out of receivership.
The group emerged this week as the favourite to buy two brewers in the United States. The first is High Falls, a private operator which produces two brands, Genesee and Dundee. The company is a long-established and locally-owned business based in Rochester, New York, where it’s regarded as pretty much part of the landscape.
However, like Waterford Crystal, it has fallen on hard times and its current financial troubles can be traced back to 2007, when it was hit with a $10 million bill for back taxes and local charges.
KPS has also been named as the most likely suitor for Labatt’s, owned by Budweiser brewer, Anheuser Busch Inbev. The US competition watchdog ordered the sale of Labatt’s as a condition of allowing Anheuser Busch and Belgian operator Inbev to merge last year to form a brewing giant.
KPS specialises in investing in manufacturing businesses, particularly those with financial problems. If it succeeds in buying Waterford and the brewers, it will be adding beer, crystal and fine china to a portfolio that includes everything from motor parts to paper milling.
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