Cross Acquired By Private Equity Firm Transom Capitol
A.T. Cross Company, which does business in the promotional products industry as supplier Cross (PPAI 114156), has been acquired by private equity firm Transom Capital Group. The new company, which owns and operates the Cross and Sheaffer brands, will be led by the incumbent management team, ensuring continuity with product development, distribution and the supply chain, but with new capital to enable growth across Cross’s excellent heritage brands. Terms of the transaction were not disclosed.
“The Cross transaction fits well with the investment strategy of Transom Capital and will allow us to partner with management in executing our value creation process,” says Russ Roenick, managing partner of Transom Capital. “The iconic Cross and Sheaffer brands have tremendous history and recognition in the U.S. and globally, and are positioned well with specialty distributors, mass retailers, and ecommerce players, bringing with them an outstanding legacy of fine writing products that have been passed down through generations. We look forward to growing these two exceptional brands around the world.”
With operations across the globe, Cross markets and distributes a wide range of fine writing instruments worldwide. Its product lines include pens, refills, and other accessories such as glasses and stationery products. The transaction will enable Cross to invest in product development and expand into adjacent categories and markets.
“This transaction represents an inflection point in our strategy to grow the Cross and Sheaffer brands,” adds Cross CEO Robert Baird. “Our brand and product strategies are greatly enhanced going forward with access to growth capital. Transom is an exciting partner as they have experience in branded consumer products and a great track record of growing premium brands. They share a commitment to our core values of product quality and customer focus, and we are looking forward to working together to bring Cross and Sheaffer to the next level.”