CLEVELAND, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Blue Point Capital Partners and its Blue Point III portfolio company, Premier Needle Arts (“PNA”), announced today the acquisition of Crafts Americana Group, Inc. (“CAG”), a leading supplier of knitting, crochet, quilting, sewing and other hobbyist products. This transaction represents the third add-on acquisition for PNA since Blue Point acquired the platform investment in December 2014.
“From the onset, Blue Point’s focus was to turn Premier Needle Arts into a multifaceted business, and pursue acquisition opportunities in related quilting and other niche hobby fiber arts categories. CAG’s product offering supplements and is a natural fit with PNA,” said Sean Ward, a Partner with Blue Point. “Needle and fiber arts are about creativity, accomplishment and community, and we are excited to be a part of something so important to so many.”
The acquisition of CAG provides significant growth and synergy opportunities, which can be achieved by leveraging Blue Point’s domestic operational capabilities, as well as digital marketing and e-commerce resources. Blue Point also brings strategic Shanghai resources to assist with sourcing and supply chain initiatives.
“We are very excited for our team and brands to join PNA, a group that shows its commitment to the needle arts community through its ownership of other strong brands with excellent product offerings,” said Matt Petkun, Chief Executive Officer of Crafts Americana Group.
“Our customers are passionate about quilting and related fiber arts, and PNA is dedicated to providing sophisticated, innovative and reliable high-quality products used by enthusiasts around the world,” said Mark Hyland, Chief Executive Officer of Premier Needle Arts. “Crafts Americana Group has a rich history as a leader in the fiber arts and knitting markets. We are thrilled to add CAG to the PNA family and continue to capitalize on opportunities for expansion into complementary product categories and channels.”
Premier Needle Arts is the parent company of Handi Quilter, Superior Threads, Quilt Pro Systems and Crafts Americana Group. To best serve their customers, each of the brands and companies will continue to operate under their independent entities, existing management, locations, structures and go-to-market strategies.
Premier Needle Arts (www.premierneedlearts.com), headquartered in North Salt Lake, UT, is a leading provider of sewing, quilting, knitting and fiber art supplies and products to a global network of independent quilting stores, sewing retailers, quilting distributors and dealers and consumers. Four companies operate under the Premier Needle Arts holding company: Handi Quilter (North Salt Lake, UT) creates and builds both branded and private-label longarm quilting machines, and produces quilting tables and frames, as well as longarm quilting accessories, scissors, rulers, templates and patterns. Superior Threads (St. George, UT) is a leading supplier of 43 lines of premium threads used in quilting and sewing. Quilt Pro Systems (Dallas, TX) provides easy-to-use digital products that enable quilters to digitally and electronically design and audition their projects. Crafts Americana Group (Vancouver, WA) is a leading supplier of consumable products used in various enthusiast markets, including knitting, quilting and decorative painting.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $825 million in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of an international firm. The Blue Point group has a 26-year track record of partnering with companies in the lower middle market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in manufacturing, distribution and service businesses generating between $20 million and $300 million in revenue.