WILsquare’s portfolio company TEK Holdings (DBA TekBrands) has closed the acquisition of Arrow Companies, a maker of workstations, storage systems and accessories for quilting and sewing enthusiasts.
Arrow’s products, sold through a nationwide network of dealers and online through its website under company owned brands Arrow and Kangaroo, include sewing cabinets, tables and chairs, storage cabinets, cutting tables and mats, and other specialty furniture.
Arrow Sewing was founded in 1943 by Isaac Aaronson as Arrow Novelty Company, initially specializing in the manufacturing of wooden toys and novelties, and is headquartered southwest of Milwaukee in Elkhorn, Wisconsin.
TekBrands is a designer and e-commerce-based marketer of a range of branded products sold and used by quilting and crafting enthusiasts and retailers. The company’s products include electric and manual fabric cutters, cutting dies, quilting patterns, cutting mats, sewing supplies, storage trays and cabinets. Omaha, Nebraska-headquartered TekBrands was founded in 1990 by the husband and wife team of Steve and Lynette Nabity.
Arrow Sewing is the second acquisition made by TekBrands under WILsquare’s ownership and follows the buy of June Tailor in July 2023. June Tailor’s products include cutting and measuring tools, quilting templates, iron-on transfer sheets, and other accessories that are used by crafting, quilting, and sewing enthusiasts. The business was founded by June Kroenke in 1961 and is based near Milwaukee in Richfield, Wisconsin.
In addition to the just acquired Arrow and Kangaroo brands, TekBrand’s other company-owned brands include AccuQuilt, AccuCut, Custom Shape Pros, MemoryStitch, and June Tailor.
“I am excited to welcome Arrow Sewing to our growing family of quilting, sewing and crafting brands,” said Renee Thomas Jacobs, the CEO of TEK Holdings. “Our organizations have a mutual passion for developing unique products and innovative solutions for a shared customer base. Together, we can offer even more inspiration to our combined audience of crafting enthusiasts.”
“Arrow Sewing represents a highly complementary addition to the TEK Holdings platform,” said Andrew Scharf, a director at WILsquare. “We believe this acquisition unlocks new opportunities across the TEK portfolio of brands and meaningfully advances our market leadership position.”
WILsquare invests in businesses that are based in the Midwest and South that have EBITDA of $3 million to $10 million. Sectors of interest include business services, technology infrastructure and services, value-added distribution, niche manufacturing, and internet and catalog-based enterprises.
In July 2019, after a quick three months of fundraising, WILsquare held a final and above target closing of WILsquare Capital Partners Fund II LP with total capital commitments of $190 million.
© 2024 Private Equity Professional | January 25, 2024
