Spinrite has announced that it will acquire the North American Crafts business of Coats Group plc. 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. The transaction is expected to close in the coming weeks, subject to customary closing conditions.
“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.”
Spinrite is a leading craft company. Spinrite produces both branded and private label products, has a diversified presence across multiple channels, and strong relationships with craft retailers. The Company was founded in 1952 and is headquartered in Listowel, Ontario. For more information, please visit www.yarnspirations.com.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $3.9 billion in over 180 companies. Today, Comvest’s funds have over $3.3 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest offers its companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com.