TORONTO, Oct. 9, 2015 /PRNewswire/ - TorQuest
Partners ("TorQuest"), a leading Canadian-based manager of private
equity funds, today announced the purchase of Spinrite LP
("Spinrite" or the "Company"), the largest consumer craft yarn
company in North America.
Alongside TorQuest, senior members of management will invest in the
Company. No financial terms were disclosed.
Established in 1952, Spinrite is well known to the hobby market
for its Patons, Bernat, Lily, Peaches & Creme, Caron and
Phentex brands, which are sold through mass merchants, craft
stores, and independent specialty stores. Spinrite markets
approximately 4,000 SKUs across more than 100 product families,
possesses the most diversified craft yarn manufacturing operation
in North America, and is
recognized as a market leader in new product development.
Daniel Sonshine, a Partner at
TorQuest Partners, said: "We are proud to add to our portfolio
another Canadian business with a long track record of
entrepreneurial spirit and success. We are impressed by the
achievements of Spinrite's management team – including the
implementation of a best-in-class design center and marketing team,
in combination with a low-cost and efficient manufacturing and
distribution platform – and look forward to partnering with this
industry-leading group."
"Spinrite aims to provide inspirational content along with
high-quality, high-value yarn products to enable the craft
enthusiast to create the unique and exciting projects they desire,"
said Ryan Newell, CEO of Spinrite.
"We are pleased that strong relationships with our retailer
customers have allowed us to effectively interface with our end
consumer in order to support and share in our retailer customers'
growth. We continue to see unique opportunities for the
Company and are eager to pursue these initiatives along with our
retailer partners and, now, TorQuest."
Eric Berke, Managing Partner at
TorQuest added: "Spinrite is the fifth platform investment for
TorQuest Partners Fund III and builds on our strategy of partnering
with strong management teams to invest in and build great Canadian
businesses. We look forward to working with Ryan and his
team."
There will be no changes to the Company's day-to-day operations
as a result of this transaction and management and the new Board of
Directors remain firmly committed to continuing to support the
Listowel community.
About Spinrite LP
Spinrite is the largest producer
and marketer of craft yarn in North
America. Established in 1952, Spinrite is well known for its
Patons, Bernat, Lily, Peaches & Creme, Caron and Phentex
brands, which are sold through mass merchants, craft stores, and
independent specialty stores. Spinrite also supports its market
with patterns that provide customers with creative ideas for
knitted products. Spinrite has more than 500 employees across its
fully integrated manufacturing and distribution centers in
Listowel, Ontario and Washington, North
Carolina. For more information about Spinrite, visit
www.yarnspirations.com
About TorQuest Partners
Founded in 2002, TorQuest
Partners is a leading Canadian-based manager of private equity
funds. TorQuest seeks to pursue investments in North American
middle market companies, with the goal of building value in
partnership with management teams. With more than C$1 billion of equity capital under management,
TorQuest is currently investing from TorQuest Partners Fund III, a
$535 million fund that closed in
September 2013. Spinrite will be the fifth investment of
TorQuest Fund III.
SOURCE TorQuest Partners