A.T. Cross Co., based in Lincoln, said Monday it agreed to sell its Cross Accessory Division to a newly-formed affiliate of Clarion Capital Partners for $60 million in cash, subject to customary closing conditions and post-closing adjustments.
"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.
Following the transaction closing, the Cross will focus its resources on the continued expansion of its Cross Optical Group, which includes the premium sports sunglass brands Costa and Native Eyewear, and represented approximately 46% of 2012 revenue.
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."