Singer Sewing Takeover

KSIN Holdings Ltd., an affiliate of Kohlberg & Co. LLC., said Friday it has acquired the Singer Sewing Co. in a $65.5-million cash deal.

The transaction, which effectively takes Singer NV out of the sewing business, also includes $22.5 million in promissory notes and the assumption of $46.3 million in sewing-related debt.

As part of the agreement, Singer NV will also have to change its name by October 2005.

KSIN will assume control of the Singer brand name and sewing operations in the United States, Brazil and China, among other countries, as well a network of independent distributors and dealers. The business also includes manufacturing facilities in Brazil and China.

Singer NV, which also sells consumer electronics, appliances and furniture, will retain retail operations in Asia and Jamaica.