Lifetime Brands has completed its previously announced acquisition of Filament Brands, creating a consumer goods company with over $750 million in net sales and an extensive portfolio of housewares brands and licenses.
As previously announced, effective as a result of completing the transaction, Lifetime will be led by Robert Kay, formerly chairman and CEO of Filament, as CEO; and Jeffrey Siegel, formerly chairman and CEO of Lifetime, as executive chairman.
Ronald Shiftan will continue as vice chairman and chief operating officer and Daniel Siegel will continue as president of Lifetime. Tim Simmone, formerly chief operating officer of Filament, will become chief integration officer.
Additionally, the Lifetime Brands board of directors will expand to include Kay, Bruce Pollack and Michael Schnabel. Pollack and Schnabel are, respectively, managing partner and managing director of Centre Partners Management.
Jeffrey Siegel said, “We are excited to complete this transformational transaction, which creates a company with the number one position in key product areas, a diversified customer base with marquee partnerships and a robust product development team and pipeline.”
Lifetime said it will continue to be headquartered in Garden City, New York, with a significant presence in Seattle and will maintain its regional facilities around the world.
Robert Kay stated, “Lifetime Brands is well-positioned with the scale and capabilities to bring even more great ideas to market and continue to drive significant value creation over the long-term. I look forward to leading the newly combined team as we continue to invest in our world-class brands and grow the business.”
For an exclusive interview with Lifetime Brands’ Jeffrey Siegel and Rob Kay, see the upcoming March 5 issue of HOMEWORLD BUSINESS®.