Andy Braithwaite , 21 August 2014
BIC has announced it is selling its Sheaffer brand to upmarket stationery and accessories company AT Cross.
The France-based stationery giant said it was offloading its Sheaffer fine writing unit, which it acquired in 1997, to AT Cross for about $15 million, with the transaction expected to close in October.
The Sheaffer deal is the first major acquisition by AT Cross since the company (minus its sunglasses division) was bought by private equity firm Clarion Capital Partners last September.
Thoughts?
-david