PROVIDENCE – A.T. Cross Co., a manufacturer of writing instruments and writing accessories headquartered in Providence, has been acquired by Transom Capital Group, a Los Angeles-based private equity firm, Transom Capital announced Thursday.
“This transaction represents an inflection point in our strategy to grow the Cross and Sheaffer brands,” said Cross CEO Robert Baird in a statement. “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.”
Transom acquired Cross from Clarion Capital Partners.
A.T. Cross recently moved from Lincoln to 299 Promenade St. in Providence.
John Williams, a representative for Transom Capital, said the company’s headquarters will remain in Providence.
Transom Capital acknowledged the acquisition would accompany restructuring. “The goal for this transaction is to position the company for future, sustainable growth. Toward that end, Transom and Cross executives developed a comprehensive restructuring plan; most employees were retained as part of this process, and some were not,” the company said in a statement to PBN. “While steps such as this are never easy, they are necessary for Cross to remain the venerable brand that it has become, and we look forward to the next phase in the evolution of this great brand.”
Cross had been eligible for $1.9 million in state incentives, but according to R.I. Commerce Corp., the company has not yet received credits as it has not satisfied agreed-upon job-creation requirements.
Terms of the transaction were not disclosed.
“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 [e-commerce] 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,” said Russ Roenick, managing partner of Transom Capital, in an earlier press release.
Chris Bergenheim is the PBN web editor.
