Blue Point Capital Partners Acquires Handi Quilter, Leading Manufacturer of Quilting Machines and Accessories
CLEVELAND (December 22, 2014) – Blue Point Capital Partners announced today the recapitalization of Handi Quilter Holdings, Inc., a leading designer, manufacturer and marketer of quilting machines, frames, tables and accessories. The market creator and leader for at-home quilting machines, Handi Quilter has been serving the needs of domestic and international quilters for over a decade.
Headquartered in North Salt Lake, UT, Handi Quilter (www.handiquilter.com) is a premier provider of quilting products to a global network of independent quilting stores, sewing retailers, and quilting distributors and dealers. Marketing both branded and private label long- and mid-arm quilting machines, the Company also produces quilting tables and frames as well as quilting accessories, such as replacement parts, scissors, rulers, templates and patterns. Handi Quilter seeks to educate and engage quilters by offering training programs and informational resources, fostering a strong sense of brand loyalty among the Company’s customers.
The successful closing of Handi Quilter represents the third platform investment for Blue Point III, the firm’s third middle-market buyout fund. Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. Leveraging its Shanghai office and applying its domestic operational resources, the firm’s investment in Handi Quilter is focused on enhancing the Company’s supply chain strategies and pursuing acquisition opportunities in related hobbyist categories.
“Since its inception, Handi Quilter has provided sophisticated, innovative and reliable quilting machines and supplies to the quilting population, a community that is very dedicated to and passionate about the art of quilting,” said Mark Hyland, chief executive officer of Handi Quilter. “Blue Point’s network of resources and its growth-oriented focus make the firm an ideal partner for us as we seek to expand the Company into complementary segments of the fiber arts industry and extend our reach within the quilting sector. We couldn’t be more pleased with our new partnership.”
Sean Ward, a partner with Blue Point, said, “We are very impressed with Handi Quilter’s brand leadership within the quilting industry, its stellar management team and its portfolio of superior products. Working with management and implementing Blue Point’s value-added resources, we will work to transform Handi Quilter from a provider of products within a single niche industry into a multifaceted business serving multiple passionate customer bases. We look forward to working with such an enthusiastic and well-versed team.”
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. The Blue Point group has a 24-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Sean Ward
Partner
Blue Point Capital Partners, LLC
127 Public Square, Suite 5100
Cleveland, OH 44114
(216) 535-4705
HANDI QUILTER
Mark Hyland
Chief Executive Officer
Handi Quilter Holdings, Inc.
501 N. 400 W.
North Salt Lake, UT 84054
(801) 292-7988