Greek-American Michael Psaros, co-Founder and Managing Partner of the private equity firm KPS Capital Partners has a lot to be happy about these days. Back in 2009, KPS announced that it would purchase the luxury home-goods maker Waterford Wedgwood – a poorly-performing company at the time. As Fortune magazine describes it, the deal didn’t make much sense back then.
Waterford was losing about $100 million per year, but as Psaros told Fortune, “we’ve been doing professional turnarounds for 25 years.” The parent company KPS created, WWRD holdings, will be sold to Fiskars, a Finnish consumer products company for $437 million – which translates to a 400% return on investment for KPS.
How did they know? “What we knew was that [Waterford Wedgewood] had four legendary and iconic brands, including selling product in 80 countries,” Psaros told Fortune. “Waterford is a household name in the U.S. but, globally, Wedgwood is magic. If we could figure out how to design and make the products profitably, then we could really do something.”
“It has been the most dramatic turnaround of our careers,” Psaros told Fortune. “To us this wasn’t just a deal or investment… it was something we lived for six years, and now believe it’s going to a very good home.”
MILWAUKEE — Giannis Antetokounmpo wanted to make sure his contract status didn't distract the Milwaukee Bucks as they made a run at another championship.
FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.
PLAINS, Ga. (AP) — Rosalynn Carter received her final farewells Wednesday in the same tiny town where she and Jimmy Carter were born, forever their home base as they climbed to the White House and traveled the world for humanitarian causes.
WASHINGTON (AP) — House Republicans are considering holding a formal vote next month to authorize the impeachment inquiry into Joe Biden as the party looks to legitimize a process that has yet to yield any direct evidence of wrongdoing by the president.
JERUSALEM (AP) — It has become an Israeli mantra throughout the latest war in Gaza: Hamas is ISIS.
ATHENS – As the 100th anniversary of her birth approaches on December 2, the tributes to Maria Callas continue – literally all over the world.
NEW YORK – Ahead of The Hellenic Initiative’s 11th Annual New York Gala on December 2, honoree Ted Leonsis, the well-known entrepreneur and philanthropist, shared his thoughts with The National Herald.
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