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INDUSTRY NEWS
Rhode Island-based supplier A.T. Cross (asi/47520) has entered into an agreement to acquire pen maker Sheaffer from BIC Group, the parent of Counselor Top 40 supplier BIC Graphic USA (asi/40480).
Rhode Island-based supplier A.T. Cross (asi/47520) has entered into an agreement to acquire pen maker Sheaffer from BIC Group, the parent of Counselor Top 40 supplier BIC Graphic USA (asi/40480). Clarion Capital Partners, which owns A.T. Cross’ pen business, is paying $15 million to complete the purchase, which is likely to be finalized within 60 days. Clarion Capital is planning to fold Sheaffer into A.T. Cross, according to a press announcement.
“Acquiring Sheaffer will further A.T. Cross Company’s goal of becoming the leading provider of fine-writing instruments,” A.T. Cross said, in a statement to customers. “We believe this is a very exciting development within the fine-writing instrument category and one that will lead to new category growth opportunities in the future.”
Founded in Iowa a century ago, Sheaffer is a manufacturer of ball point, fountain and roller ball pens. The company was purchased by BIC in 1997.
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