BlueGem acquires Sirdar to create DMC Group

The GP signalled its intention to back bolt-on acquisitions when it bought DMC from Krief Group for an estimated enterprise value of €35-40m last June. The first of these, Wool And The Gang was bought from a consortium of venture investors in August.

The three companies will now operate under the name DMC Group, formerly known as Crafts Group Holding.

The total cost of all three deals combined was approximately €80m and the new group will have combined revenues of €85m, according to a statement. The business aims to increase this to €100m over the next few years.

The group will capitalise on what it describes as a "craft DIY" trend, as increasing numbers of people turn to needlework as a form of digital detox. It will be seeking further acquisitions with the goal of building the largest needlework platform in the world.

Company
Founded in 1880 in Osset, Sirdar is now headquartered in Wakefield, where it moved 10 years later. The company spins and supplies yarns and designs for hand knitting to a range of independent retailers and specialist knitting and craft shops across the UK. The company recorded a £2.5m profit margin from a £21.9m turnover in 2015, according to publicly available records.

People
DMC Group – Massimo Saracchi (executive chair).
Sirdar - Russel Morris, Ian Stead (directors).

Advisers
Equity – Stifel (corporate finance); Gianni Origoni Grippo Cappelli & Partners (legal); Wilkie Farr & Gallagher (legal).
Company – RSM (corporate finance); Squire Patton Boggs (legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• BlueGem Capital Partners
• Build-up