Investcorp signs deal for US kitchenware retailer

Investcorp, the Bahrain asset management firm, said Tuesday it had acquired US kitchenware retailer Sur La Table from the Behnke family and investment firm Freeman Spogli & Co. The retailer operates 86 stores across the United States, Investcorp said in an emailed statement. The value of the deal was not disclosed. Both the Behnke family and Freeman Spogli & Co will remain as investors in the company, the statement said.The acquisition is the latest in a series of US investments for the Bahrain firm. Investcorp in June acquired the 176-room Residence Inn Manhattan Beach in Los Angeles, in a deal valued at $40m. The deal marked the company’s fourth US property buy this year, following the purchase of Coral Palm Plaza in Florida in April. Investcorp, which once floated luxury brands Gucci and Tiffany & Co, in May bought a majority stake in British online booking company Eviivo, in a deal valued at $49.1m. The company had assets under management of $11.9bn as of end-June. Its net income for fiscal year 2011 rose 37 percent, helped by the profitable sale of some of its investment holdings, the company said in August.