Clarion Capital Partners, which owns A.T. Cross' pen business, is paying $15 million to complete the purchase, which is likely to be finalized by the end of October. Clarion Capital is planning to fold Sheaffer into A.T. Cross, according to a press announcement.
"Acquiring Sheaffer will further A.T. Cross Company's goal of becoming the leading provider of fine-writing instruments," A.T. Cross said, in a statement to customers. "The combined strength of the Cross and Sheaffer brands will allow us to better invest in, and grow, the overall fine-writing category. We believe this is a very exciting development within the fine-writing instrument category and one that will lead to new category growth opportunities in the future."
Founded in Iowa a century ago, Sheaffer is a manufacturer of ball point, fountain, and roller ball pens. The company was purchased by BIC in 1997. A.T. Cross was established in 1846, and offers writing instruments, watches, journals, eyewear, and other gift items. Clarion bought the accessory division of A.T. Cross last year for $60 million.