NEW: Rhode Island's A.T. Cross To Sell Accessory Division For $60M

NEW: Rhode Island's A.T. Cross To Sell Accessory Division For $60M

A.T. Cross Company, the Rhode Island-based designer and marketer of branded accessories and writing instruments, announced today that it has signed a definitive agreement to sell its Cross Accessory Division to a newly-formed affliate of Clarion Capital Partners, LLC for a cash purchase price of $60 million.

“After carefully considering the strategic alternatives available to the Cross Accessory Division, the A.T. Cross Company Board of Directors concluded that the sale of the Division is the best course to maximize value for our shareholders,” said David G. Whalen, President and Chief Executive Officer of A.T. Cross.

After the sale's closing, A.T. Cross will focus its resources on the continued expansion of its fast-growing Cross Optical Group, which includes the premium sports sunglass brands Costa and Native Eyewear, and represented approximately 46% of its 2012 revenue.

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Whalen added, “As our nearly 170 year history with the Cross brand begins to close, we are proud of all that has been accomplished and that Cross remains such an admired global brand. In the coming weeks we look forward to working with Clarion to close the deal and provide for a successful transition for our employees, customers and suppliers.”

Iconic American brand

“We are delighted to have the opportunity to invest in this truly iconic American brand. Generations of quality-focused consumers around the world have embraced Cross in their everyday lives, when they have important gifts to give, special letters to write and documents to sign," said Eric Kogan, a partner with buyer Clarion Capital Partners. "We look forward to partnering with Cross’ dedicated management team and employees so the Division can build on its rich heritage and develop designs for the next generation of customers."

A.T. Cross originally announced that it was exploring strategic alternatives for its Cross Accessory Division on February 4, 2013. The company retained C.W. Downer & Co. LLC to serve as its financial advisor and assist in its evaluation of strategic alternatives. Weil, Gotshal & Manges LLP served as its legal advisor. Clarion Capital Partners was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP.