Comvest Acquires Spinrite

Comvest Partners has acquired Spinrite, the largest producer and marketer of craft yarn in North America.

Spinrite produces both private label and branded craft knitting yarns. Company-owned brand names include Bernat, Caron, Lily Sugar’n Creme, Patons, Phentex and Wonderart. The company’s products are sold through major mass merchants and specialty craft chains as well as smaller independent retailers. Consumers can also buy Spinrite products through its Yarnspirations e-commerce site (www.yarnspirations.com) as well as other third-party websites.

Spinrite, led by CEO Ryan Newell, was founded in 1952 and has manufacturing facilities near Toronto in Listowel, ON (headquarters) and in Washington, NC (www.spinriteyarns.com).

New York-based JW Levin Management Partners (www.jwlmp.com) co-invested alongside Comvest in the acquisition of Spinrite. Jerry Levin, a craft industry veteran, having previously served as Chairman and CEO of Wilton Brands (the largest arts & crafts company in the US with such brands as Wilton and Simplicity), American Household, and Revlon, will serve as Spinrite’s Chairman. “I have long admired Ryan and the Spinrite team,” said Mr. Levin.  “Spinrite is well regarded by retailers and consumers because the company provides high-quality products and innovative ideas to inspire craft enthusiasts.”

“We admire Spinrite’s dedication to innovation, and are thrilled to partner with Ryan and the management team to find new ways to leverage the company’s impressive design and marketing platform,” said Tom Clark, a Partner at Comvest. “We intend to invest in new products and capabilities to expand the company’s reach in the craft space.”

Comvest provides debt and equity to middle-market companies. For debt investments, the firm will invest from $20 million to $200 million per transaction in companies with at least $20 million of revenue and EBITDA of at least $5 million. For equity investments, the firm will invest from $35 million to $125 million of equity per transaction in companies with $50 million to $1 billion of revenue that have positive or negative EBITDA. Sectors of interest include business services, consumer & retail, healthcare services, industrials, and transportation & logistics. Comvest is based in West Palm Beach with additional offices in Chicago, New York, and Los Angeles (www.comvest.com).

Houlihan Lokey was the financial advisor to Spinrite, and Torys LLP provided legal services. Lazard was the financial advisor to Comvest, and McDermott Will & Emery provided legal services.

© 2018 Private Equity Professional | July 11, 2018

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