By GREGORY ZELLER //
A major league home-goods distributor based on Long Island has added a Pennsylvania ceramics expert to its collection.
Lifetime Brands Inc., a leading global provider of kitchenware and tableware, announced this week that it has acquired Newtown-based Fitz and Floyd Inc., which designs, markets and distributes branded tabletop products and decorative ceramic collections.
Terms of the deal were not disclosed. Fitz and Floyd President and CEO Steven Baram will join Lifetime Brands and continue to head Fitz and Floyd operations, Lifetime said in a statement.
Garden City-based Lifetime Brands, which services top retailers across North America and around the globe from five U.S. manufacturing and warehousing operations, already boasts a number of best-selling home-goods brands, including Farberware, KitchenAid, Mikasa, Pfaltzgraff and nearly two dozen others.
Now add the Fitz and Floyd registered brand and other branded lines produced by the Pennsylvania maker to Lifetime’s lists. Founded in 1960, Fitz and Floyd offers everything from dinnerware and serving trays to candleholders and seasonal decorative items through dozens of popular collections, including the vineyard-inspired Paloma brand, a line of Hershey’s-branded products and the Beau Verre crystal art collection.
According to the company’s website, the 57-year-old kiln king has provided tea service for Queen Elizabeth II and “presidential dinnerware” for The White House. But even more attractive, at least to Lifetime Brands’ bottom line, is Fitz and Floyd’s diverse array of distribution channels, which includes big box retailers, department stores, specialty kitchen and gift shops and e-commerce websites.
Lifetime Brands Chairman and CEO Jeffrey Siegel commended Fitz and Floyd’s “high quality and unique style” and said the new subsidiary, which will join Lifetime’s Tabletop Division, “fits perfectly into Lifetime’s platform” – and should begin rewarding Lifetime’s investment in short order.
“We have the resources quickly to enhance its performance,” Siegel added. “Moreover, since Fitz and Floyd-branded products are in categories in which Lifetime already is well-established, we expect the acquisition to be accretive in 2017.”