Lillian Vernon to Be Taken Private

Lillian Vernon Corp., the 52-year-old seller of monogrammed knickknacks and items for the kitchen and garden, agreed to be acquired and taken private by a closely held investment firm for about $60.5 million.

Chairman and founder Lillian Vernon, the catalog and Internet retailer’s largest shareholder, will give up her daily responsibilities and be a nonexecutive chairman, the company said.

Ripplewood Holdings and its partner ZelnickMedia may expand the Lillian Vernon business to people who shop on television, and also boost online sales. Shares of Rye, N.Y.-based Lillian Vernon rose $2.90 to $7.10 in American Stock Exchange trading.