Turnaround Specialist KPS See Value In UK's Wedgewood

US private equity group KPS Capital has signed a 'letter of intent' with the administrators of beleaguered UK china crystal producer Waterford Wedgewood to acquire some of the latter's assets and potentially save some of the 2,700 employees based throughout the UK and Ireland. KPS had already been in talks with Wedgewood since 2008, exploring a possible joint-investment in the china-maker that would have seen it take a 75% stake. This was torpedoed, however, when Wedgewood's banks called in their loans and the company was forced to call in administrators Deloitte. The latter has said that it will still continue to hold talks with other interested firms, adding that up to 10 have expressed an interest in some or all of the company. No deal has as yet been agreed, and a price would still need to be negotiated, but Wedgewood CEO David Sulley has said that 'we commend KPS for its confidence in our company…and I look forward to working towards the successful completion of a deal.'

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