Lillian Vernon Catalog Company Sold

Lillian Vernon, the Rye, NY-based gifts and housewares catalog company, was sold to Ripplewood Holdings, a private equity fund, and ZelnickMedia, a media management firm, for $60 million. The deal is expected to be complete by July 31.

Founder Lillian Vernon will retain a 5-percent ownership of the company, and will continue in her role as company spokesperson, although she will step out of the day-to-day catalog operations, said David Hochberg, her son and an executive at the company. Hochberg will remain in his position at Lillian Vernon, he told Catalog Success.