Coats Group has sold its North America crafts business to Spinrite
Lincoln International acted as the exclusive financial advisor to Coats Group plc (Coats), working closely with the North America crafts team in North Carolina and the executive team in the U.K. throughout the sale process. This role included providing M&A and industry expertise, as well as managing the preparatory, marketing, negotiation, and due diligence phases of the transaction.
Coat’s North America crafts business provides branded yarn and sewing thread products with operating entities in the U.S. and Canada. The sale includes the well-known crafts brands Red Heart, Coats & Clark, Aunt Lydia, and Susan Bates, while Anchor, Dual Duty XP, and J&P Coats will be licensed for varying terms. Approximately 560 North America crafts employees will become part of Spinrite.
Rajiv Sharma, Group Chief Executive, Coats, commented, “Lincoln’s highly dedicated team of bankers provided strategic advice and perspective to guide us through this complex and challenging cross-border corporate carve-out.”
Judith Wettach, Head of M&A Strategy, Coats, added, “The Lincoln team did an excellent job supporting management and collaborating closely with the executive team throughout the process. The Lincoln team was an excellent partner in both collaboration and reach. Lincoln’s agility and commitment across borders helped ensure a successful outcome that yielded an excellent home for Coats North America crafts.”
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