Houlihan Lokey is pleased to announce that Spinrite LP, a portfolio company of TorQuest Partners, has been acquired by Comvest Partners, JW Levin Management Partners, and the management team. The transaction closed on June 27, 2018.

Spinrite, headquartered in Listowel, Ontario, and founded in 1952, is a leading craft company and provider of craft knitting yarns sold across multiple end market channels, including mass merchants, craft stores, and independent specialty stores. 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 has more than 500 employees across its fully integrated manufacturing and distribution centers in Listowel, Ontario, and Washington, North Carolina.

Houlihan Lokey served as the exclusive financial advisor to Spinrite and assisted in initiating, structuring, and negotiating the transaction. 

With over $750 million in aggregate transaction value over the last 15 months, Houlihan Lokey is a preeminent M&A advisor in the large and growing $40 billion arts & crafts industry. The highly fragmented arts & crafts market is expected to grow at a 4.4% CAGR through 2025, with millennial consumers continuing to take advantage of an expansive selection of online instruction and inspiration and further engage with brands through social media. As arts & crafts businesses focus on the digital ecosystem to increase awareness, drive engagement, and enhance their image both online and in-store, Houlihan Lokey will continue to provide leading advice to this exciting industry.