TORONTO, July 3, 2018 /CNW/ - TorQuest Partners announced today that the firm and its co-investors have completed the sale of their majority interest in Spinrite LP ("Spinrite" or the "Company") to Comvest Partners. Terms of the transaction were not disclosed.
Daniel Sonshine, Partner at TorQuest said, "Spinrite's success over the past two and a half years is the result of the Company's continuous drive to build on its leading market position through new product introductions and a highly focused direct-to-consumer digital marketing strategy. Spinrite has been an outstanding investment for TorQuest and our partners, and we are grateful to the Company's management team for its dedication and excellent work over our hold period."
Eric Berke, Managing Partner at TorQuest, added, "The success of our investment in Spinrite exemplifies TorQuest's strategy of partnering with strong management teams and investing in their businesses to achieve a shared vision for growth. We wish Ryan and his team continued success."
Ryan Newell, CEO of Spinrite said, "TorQuest has been an ideal partner for us. Their commitment to investing in our business and our people has provided Spinrite with a solid platform for continued growth and success. The management team remains highly committed to the business and our customers, and we will remain meaningful shareholders as we forge our new partnership with Comvest."
TorQuest and its co-investors acquired Spinrite in October 2015. Throughout its ownership, TorQuest supported management as they invested in Spinrite's people and technology to develop a multi-pronged digital strategy, in addition to continued product innovation that further improved the Company's leading market position within the craft space.
Headquartered in Listowel, Ontario, Spinrite is a leading craft company and provider of craft knitting yarns. 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 Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
SOURCE TorQuest Partners
For further information: Media Contact for TorQuest Partners: Olena Lobach, Longview Communications and Public Affairs, (416) 720-9881