Clarion Capital Partners LLC is buying A.T. Cross Co.’s (Nasdaq: ATX) cross accessory division for $60 million in cash.
The Lincoln, R.I.-based division makes pens, wallets and other accessories.
Clarion is making the purchase through a newly-formed affiliate. As part of the deal, the buyer will assume the unit’s debt.
A.T. Cross announced in February that it was exploring strategic alternatives for the division. The seller designs and markets branded personal and business accessories. It plans to focus on expanding its optical group, which includes Native Eyewear and Costa, after the deal closes.
Clarion is a New York private equity firm that invests between $15 million and $50 million in deals. The firm’s portfolio companies include Ametros Financial Corp., Cross MediaWorks Inc. and Reliant Healthcare Professionals Inc.
C.W. Downer & Co. LLC acted as A.T. Cross’ financial adviser, while Weil Gotshal & Manges LLP provided legal advice.
Paul Weiss Rifkind Wharton & Garrison LLP was Clarion’s legal counsel for the deal.