Enesco
 | |
| Private | |
| Industry | Giftware |
| Founded | 1958 |
| Headquarters | Itasca, Illinois |
Key people | Todd Mavis (CEO) |
| Products | Gift, Garden and Home decor products |
| Owner | Balmoral Funds[1] |
| Subsidiaries | Gund, Department 56, Gregg Gift Company, Enesco Limited (UK), Enesco Canada, Enesco France |
| Website | www.enesco.com |
- For the composer, see George Enescu.
Enesco (Enesco, LLC) is an American company specializing in the sales and distribution of giftware. The company was known as an industry leader during the 1970s, 1980s, and 1990s, as it carried the Precious Moments porcelain figurine line of products.
History
In 1958, Enesco was the import division for the N. Shure Company. Enesco was founded by its first President, Louis R. "Bob" Miller, Jr. When N. Shure was sold to Butler Brothers, the import division was spun off. The name "Enesco" was an acronym from the N. Shure company, "N S Co", and phonetically named his company "EnEsCo".[2] Thereafter, the company was sold three times, and in 1983 became a part of Stanhome, Inc. After separating from Stanhome in 1998, Stanhome immediately collapsed—leaving Enesco with all of Stanhome's assets.
Enesco is known in its industry for its 25 years of success with the Precious Moments porcelain figurine line of products. Freedman worked with original artist, Sam Butcher, to bring his designs to market. Enesco sales soared throughout the '70s, '80s, and '90s until its peak in 1997. But by 2004, Enesco, Corp. posted an operating loss of $15.7 million US dollars. The sales of Precious Moments items plunged from a high of $206 million in 1996 to $55.7 million in 2004, a drop of $27.5 million from 2003.[3] According to Enesco's 2004-2005 annual report, "Precious Moments revenues represented 22% of consolidated net revenues in 2004 compared to 33% in 2003." In 2005 Enesco ended its business partnership and license arrangement with Precious Moments, Inc.
Gene Freedman left Enesco in March 2005, but has been named "Precious Moments Ambassador" by Precious Moments, Inc. There was an extravagant retirement dinner scheduled for him, but it quickly became an employment celebration after PMI's announcement.
In 2006, a year after the departure of Precious Moments, Enesco's fourth president, Cynthia Passmore-McLaughlin (formerly of Revlon) resigned. Enesco's stock price fell below US$1 and was delisted from the New York Stock Exchange. After a few months of over-the-counter trading, Enesco withdrew its public offering altogether. On January 12, 2007, Enesco filed for Chapter 11 bankruptcy protection.[4]
In February 2007, Enesco Group, Inc. was purchased by Tinicum Capital Partners Thus, becoming Enesco, LLC.[5]
Balmoral Funds, a Los Angeles, CA based private equity fund acquired Enesco, LLC in 2015.[6]
References
- ↑ "Balmoral Funds Completes The Acquisition of Enesco, LLC". Business Wire. Retrieved 9 November 2015.
- ↑ Enesco, LLC. "corporate information - about us". Archived from the original on 2007-12-17. Retrieved 2008-01-03.
- ↑ Carthage Press 2005
- ↑ Schwartz, Meredith (January 2007). "Enesco files Chapter 11". Home Accents Today. Retrieved 2007-01-17.
- ↑ Enesco, LLC (February 15, 2007). "ENESCO AND TINICUM CAPITAL PARTNERS ANNOUNCE COMPLETION OF ASSET SALE" (PDF). Archived from the original (PDF) on 2007-10-16. Retrieved 2008-01-03.
- ↑ "Balmoral Funds Completes The Acquisition of Enesco, LLC". BusinessWire. November 9, 2015.