Turning round a 250-year-old company is a daunting task, yet one that KPS Capital Partners is taking on by buying world-famous china and cut-glass company Waterford Wedgwood.

This month, US special-situations firm KPS celebrated the 100-day anniversary of agreeing to take some of the assets of Waterford Wedgwood out of insolvency. It announced its intention to create a new company, WWRD Holdings, on February 27 this year and closed the deal a month later.