Private equity firm Transom Capital Group has acquired A.T. Cross (asi/47520) and the Sheaffer pen brand from New York-based Clarion Capital Partners, the companies have announced. Financial terms of the deal were not disclosed. Transom has said it will retain the current management team at A.T. Cross, however some other jobs are being cut.
“The iconic Cross and Sheaffer brands have tremendous history and recognition in the U.S. and globally, and are positioned well with specialty distributors, mass retailers, and e-commerce players, bringing with them an outstanding legacy of fine writing products that have been passed down through the generations,” said Transom Managing Partner Russ Roenick, in a statement. “We look forward to growing these two exceptional brands around the world.”
Clarion bought A.T. Cross, a Rhode Island company that was founded in 1846, for $60 million in 2013. About a year later, Clarion paid $15 million to purchase pen maker Sheaffer from BIC Group, which at that time was the parent company of supplier BIC Graphic (asi/40480).
“This transaction represents an inflection point in our strategy to grow the Cross and Sheaffer brands,” said A.T. Cross CEO Robert Baird, in a statement. “Our brand and product strategies are greatly enhanced going forward with access to growth capital. Transom is an exciting partner as they have experience in branded consumer products and a great track record of growing premium brands.”
According to its website, Transom’s other 11 active holdings include merchandising and licensing companies, manufacturers and an automotive franchisor.