LINCOLN, R.I.— A.T. Cross Company (NASDAQ: ATX) has announced it has signed a definitive agreement to sell its Cross Accessory Division, which manufactures fine writing instruments, timepieces and personal accessories, to a newly-formed affiliate of Clarion Capital Partners, LLC, a New York-based middle market private equity firm, for a cash purchase price of $60 million.

Following the transaction closing, the company will focus its resources on the continued expansion of its Cross Optical Group, which includes the premium sports sunglass brands Costa and Native Eyewear. The Cross Optical Group represented approximately 46 percent of the company’s 2012 revenue.

“After carefully considering the strategic alternatives available to the Cross Accessory Division, the board of directors concluded that the sale of the division is the best course to maximize value for our shareholders,” said David G. Whalen, president and CEO of A.T. Cross. “As our nearly 170-year history with the Cross brand begins to close, we are proud of all that has been accomplished and that Cross remains such an admired global brand. In the coming weeks we look forward to working with Clarion to close the deal and provide for a successful transition for our employees, customers and suppliers.”

Eric Kogan, a partner with Clarion Capital Partners added, “We are delighted to have the opportunity to invest in this truly iconic American brand. We look forward to partnering with Cross’ dedicated management team and employees so the division can build on its rich heritage and develop designs for the next generation of customers.”

The transaction, which is expected to close in the third quarter, is subject to regulatory approval and customary closing conditions. As part of the transaction, Clarion will assume substantially all the liabilities associated with the division but excluding the U.S. defined benefit pension plan and certain known pre-closing environmental matters. A reverse termination fee of $2,000,000 would be payable by Clarion in the event the purchase agreement is terminated under certain circumstances, including failure to deliver third party debt financing.

Additional information regarding the agreement will be included in a Form 8-K to be filed by A.T. Cross, which will be available on the website of the U.S. Securities and Exchange Commission at