Crafts company Wilton Holdings finalizes restructuring
As part of the restructuring, the Woodridge, Ill.-based company announced that Chief Executive Officer Richard Conti of subsidiary Wilton Brands is stepping down, effective Oct. 31. Conti had served in the leadership position at Wilton Brands since December 2008.
Serving as CEO in the interim is Jerry Levin, who is currently chairman of Wilton Brands parent company Wilton Industries.
“The Board and I both feel that Wilton’s new owners should have the opportunity to establish new CEO leadership for the company,” Conti said in a company release. “I’ve enjoyed my time with Wilton and wish everyone continued success.”
Wilton Brands is a consumer products company that manufactures and markets food crafting, scrapbooking, cake decorating, candy and cooking making, wedding and other seasonal products. The company markets through the EK Success and K & Company brands, as well as a licensed craft line through Martha Stewart.
In July, Wilton Holdings
announced plans to embark on a restructuring, which was just finalized earlier this month.
Wilton Holdings and its subsidiaries consummated an agreement with its largest creditors, Deutsch Bank Trust Company Americas and an affiliate of TowerBrook Capital Partners LP. The agreement recapitalized Wilton Holdings and the two firms withdrew their involuntary Chapter 11 petition filed July 17. The restructuring had no effect on subsidiary Wilton Brands’ day-to-day operations.
Gemma Hart, a spokesperson for Wilton Industries and Wilton Brands, provided WinmoEdge with further details on the company’s plans.
She reiterated that amid the changes at its parent company, Wilton Brands has been operating “business as usual,” and that its operating results have been and remain solid. She could not provide details on Conti’s departure, but said that an external firm has been brought on to help find a successor.
According to Hart, Wilton Brands’ target consumer is women between 27- and 47-years-old, and for its wedding products that age ranges between 23- and 38-years-old. The females are college educated, working outside the home and typically have two children: one under 10 and another under 5. Annual household income is about $75,000.
Hart couldn’t provide specific details on Wilton Brands’ marketing strategy, since the company is privately-held and disclosing such details is against their policy. However, she did say that the company utilizes both an in-house communications and marketing team as well as external firms.
“Wilton Brands does partner with marketing agencies on a project-by-project basis, and they select a firm depending on the needs of that project,” she said.
According to Hart, Wilton Brands has worked with M&P Food Communications, based in Chicago, for the past four years.
Wilton Brands has begun a search for its new leader immediately, and firms interested in partnering with the company should put Wilton Brands on a short-term prospect list.