Comvest-backed Spinrite to buy Coats' N.A. crafts business

Spinrite has agreed to acquire the North American crafts business of Coats Group plc, an Uxbridge, U.K.-based industrial thread manufacturer. Spinrite agreed to pay US$37 million in cash, Coats said in a separate release. The deal is expected to close in the coming weeks. It includes craft brands Red Heart, Coats & Clark, Aunt Lydia and Susan Bates, Anchor, Dual Duty XP and J&P Coats. Spinrite, a Listowel, Ontario-based craft company and craft knitting yarns provider, will also gain U.S. manufacturing and distribution sites. Last year, U.S. private investment firm Comvest Partners acquired Spinrite from Canadian private equity firm TorQuest Partners.

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