Cambridge Silversmiths, based in Montville, was sold to Pennsylvania-based Lenox Corp., according to a Tuesday announcement from the DAK Group, which served as the exclusive investment banker and financial adviser to Cambridge.
Cambridge is the industry leader for design and innovation of flatware and tabletop accessories, ranked as the No. 1 national flatware brand, and the No. 3 national tabletop brand by the NPD Group. The combination of Cambridge and Lenox creates a dynamic organization with the deepest and widest range of exclusive tabletop and kitchenware products.
The deal includes all existing Cambridge-branded tabletop products, including flatware and drinkware, but does not include the Thirstystone brand.
With its newest acquisition of Cambridge, Lenox has a market-leading portfolio of brands and innovative products from dinnerware and serveware to gifts and décor for any occasion.
The DAK Group initiated and managed the entire transaction process, identifying a number of interested parties of which Lenox emerged as the most qualified buyer. According to DAK, bringing these two companies together forms a powerhouse in the tabletop and giftware space.
“The owners of Cambridge have built an extraordinary company with an extraordinary reputation and a loyal and devoted customer base. This transaction has afforded them the opportunity to gain a strategic partner to accelerate their vision of growth.” Alan Scharfstein, CEO of the DAK Group, stated.
Scharfstein, along with Ari Fuchs, managing director, Derek Zacarias, director, and Alex Slawinski, analyst, were responsible for bringing this transaction to fruition.