Spinrite has agreed to acquire the North American crafts business of Coats Group plc, an Uxbridge, U.K.-based industrial thread manufacturer.
Spinrite agreed to pay US$37 million in cash, Coats said in a separate release. The deal is expected to close in the coming weeks.
The transaction includes craft brands Red Heart, Coats & Clark, Aunt Lydia and Susan Bates, Anchor, Dual Duty XP and J&P Coats.
Spinrite, a Listowel, Ontario-based craft company and craft knitting yarns provider, will also gain U.S. manufacturing and distribution sites.
Last year, U.S. mid-market private investment firm Comvest Partners acquired Spinrite from TorQuest Partners.
TorQuest, a Canadian mid-market private equity firm, acquired the business in 2015 from Sentinel Capital Partners.
(This post was updated to include the purchase price disclosed by Coats.)
Spinrite Acquires Coats & Clark Inc.
LISTOWEL, Ontario, Jan. 22, 2019 (GLOBE NEWSWIRE) — Spinrite announced today that it has acquired the North American Crafts business of Coats. The deal includes the well-known craft brands Red Heart, Coats & Clark, Aunt Lydia and Susan Bates. Anchor, Dual Duty XP and J&P Coats will be licensed for varying terms.
Approximately 560 Coats employees will become part of Spinrite along with manufacturing and distribution sites in Albany, Toccoa and Douglas, Georgia.
“We are thrilled to add the prestigious Coats craft brands to our growing portfolio,” said Ryan Newell, President & CEO of Spinrite. “This transaction broadens our scope to include new craft products like sewing thread, embroidery thread and zippers. Product diversification is one of the key pillars of our long-term strategic plan, allowing us to offer a broader assortment to our retail partners and consumers.”
The transaction is expected to close in the coming weeks.
Spinrite is a leading craft company and provider of craft knitting yarns. Spinrite produces both branded and private label products and has a diversified presence across multiple channels with a focus on craft retailers. Spinrite was founded in 1952 and is headquartered in Listowel, Ontario.
To find out more about Spinrite, please visit www.yarnspirations.com.
Coats is the world’s leading industrial thread manufacturer. At home in more than 50 countries, Coats employs 19,000 people across six continents. Revenues in 2017 were US$1.5bn.
To find out more about Coats visit www.coats.com.
For more information contact:
Ryan Newell, President & CEO
Richard Mountain / Nick Hasell, FTI Consulting
T +44 (0)20 3727 1374
Kristina Blissett, Head of Group Communications email@example.com
T +44 (0)208 210 5084, M +44 (0)7714 539887