WEST PALM BEACH, Fla., July 03, 2018 (GLOBE NEWSWIRE) -- Comvest Partners (“Comvest”) is pleased to announce its investment in Spinrite LP (“Spinrite” or the “Company”), a leading North American craft company and provider of craft knitting yarns. JW Levin Management Partners (“JWLMP”) also co-invested in the transaction and will work with Comvest as executive partners.
The company, headquartered in Listowel, Ontario and founded in 1952, will continue to be led by CEO Ryan Newell. Spinrite is recognized as a leader in the craft space by retailers and consumers due to the strength of its portfolio of brands, best-in-class design team, and industry-leading digital marketing capabilities. The company’s craft yarn brands, including Bernat, Caron, Lily, Peaches & Crème, Patons, and Phentex, each serve unique end markets and are well positioned to capitalize on new growth opportunities.
“Spinrite’s success has been driven by our dedication to inspiring the craft enthusiasts who use our products,” said Ryan Newell, CEO of Spinrite. “With Comvest’s support, we are excited to continue to invest in our ability to connect with, and ultimately inspire, our customers.”
Tom Clark, Partner at Comvest, added, “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. We intend to invest in new products and capabilities to expand the company’s reach in the craft space.”
Jerry W. Levin, a craft industry veteran, having previously served as Chairman and CEO of Wilton Brands, American Household, and Revlon, will serve as Spinrite’s Chairman. Mr. Levin added, “I have long admired Ryan and the Spinrite team. Spinrite is well regarded by retailers and consumers because the company provides high-quality products and innovative ideas to inspire craft enthusiasts.”
Houlihan Lokey acted as exclusive financial advisor and Torys LLP acted as legal advisor to Spinrite. Comvest was advised by Lazard and McDermott Will & Emery.
About Spinrite
Spinrite is a leading craft company and provider of craft knitting yarns. Spinrite produces both branded and private label products, has a diversified presence across multiple channels, and strong market positions within craft retailers. The Company was founded in 1952 and is headquartered in Listowel, Ontario. For more information, please visit www.yarnspirations.com.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $3.3 billion in over 165 companies. Today, Comvest’s funds have over $3.1 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com.
For more information:
Carlos Soto, Principal, Comvest Partners – c.soto@comvest.com
John Smith, Vice President, Comvest Partners – j.smith@comvest.com