Bunker Hill Capital has acquired Dyno Holdco, the exclusive licensee of the Singer brand for sewing accessories and a producer and marketer of holiday decorative home products, from TG Capital Corp. Bunker Hill’s investment in Dyno is the first investment from its second fund.
“Dyno’s two major product categories sell to a substantially similar demographic mix of consumers at recession resistant price points and offer both organic and acquisitive growth opportunities. We are excited to partner with CEO Jim Moynihan and his team,” said Mark DeBlois, a Managing Partner of Bunker Hill Capital.
Bunker Hill has acquired a majority and controlling interest in Dyno and was joined in the transaction with equity and subordinated debt investments from Dyno’s management team and The Hartford Investment Management Company. Senior debt for the acquisition was provided by SunTrust Bank.
Dyno is the exclusive licensee of the Singer brand for sewing accessories and is one of the largest producers and marketers of sewing products in North America. The Singer license is used by Dyno to sell a portfolio of sewing products, including cutting instruments, fasteners, needles, thread and a variety of other sewing related notions and accessories. Dyno’s sewing business is complemented by its holiday decorative home products that include holiday-oriented home décor, holiday decorations and ornaments, tree stands, decorative bows, and light-hanging accessories. Dyno sells to over 50,000 retail locations across nearly every major sales channel in North America. Customers include food, drug and mass retailers, home improvement/DIY retailers, fabric and craft retailers and wholesale clubs, such as Walmart, Jo-Ann, Lowe’s, Walgreens, Target, CVS, The Home Depot, Kmart, Kroger and Canadian Tire. The company was founded in 1953 and is headquartered in Pompano Beach, FL with additional offices in Chicago and Hong Kong (www.dynomerchandise.com).
“We are excited about the opportunity to partner with Bunker Hill Capital to continue to grow the company’s diverse portfolio of sewing, craft and holiday products. The management team believes that Bunker Hill Capital provides the company with extensive strategic expertise that will accelerate our growth both domestically and internationally. Importantly, we share a common vision of becoming the market leader in each of our core businesses,” said Jim Moynihan, CEO of Dyno.
Bunker Hill makes control investments in lower middle market companies with revenues up to $300 million, EBITDAs between $5 million and $35 million and enterprise values typically between $30 million and $150 million. Sectors of interest include industrial products, business services, specialty retail, and consumer products. The firm has offices in Boston and San Diego (www.bunkerhillcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-9-13
