London-based mid-market private equity manager, BlueGem Capital Partners has acquired UK market leader in hand knitting yarns Sirdar, as it looks to establish a global leader in needlecraft.
The newly acquired Sirdar, which includes the UK’s popular hand knitting yarn for babies, Snuggly, will sit alongside complementary needlecraft brands, DMC (Dollfus-Mieg et Compagnie) and Wool And the Gang, previously acquired by BlueGem in August 2016.
Together the three companies will form a new DMC Group, formerly known as Crafts Group Holding, to be a “global consolidator” within the needlecraft industry.
Commenting on the acquisition and launch, group executive chairman of DMC Group Massimo Saracchi, said: “We are delighted that Sirdar is joining DMC and Wool and the Gang. Together these three companies will form the DMC Group, which we want to become the world’s foremost platform in the needlecraft space.
“DMC Group intends to be the global consolidator within the needlecraft industry, aiming to synergise the best companies operating worldwide in the category. As such, we are actively looking for further acquisitions.”
Sirdar acquisition launches DMC Group of needlecraft brands
DMC is a global embroidery brand, founded in 1746, which still manufactures on its historic site in Mulhouse, in the East of France. The ‘Mouliné’, a premium cotton thread available in 465 different colours can be found in haberdashery stores globally. DMC ships to more than 125 countries worldwide. In addition, Wool and The Gang is a fast-growing online business selling knitting kits and yarns to consumers. It has collaborated with designers such as Giles Deacon, Vivienne Westwood, Aurelie Bidermann and Christopher Raeburn.
Saracchi, added: “Increasing numbers of people now detox from digital activity through knitting and needlework - activities which tap seamlessly into the normalised behaviour for people to “share” their creations on social media.
“The growing trend of “Craft DIY” to monogram and customise clothing and accessories has led to a resurgence of embroidery and needlework. These are global trends happening right across the world, from London, Paris and New York to Tokyo, Nigeria and the UAE. It is a huge and growing market, and we believe that with Sirdar, DMC and Wool and the Gang, we have created the leading platform for our customers.”
Prior to the Sirdar acquisition, approximately 50 percent of DMC Group’s sales came from Europe, 35 percent from the US and 15 percent from Asia. It has a production facility in Mulhouse; commercial and logistic centres in France, the UK, the US, Singapore and Japan; and commercial offices in Spain and Italy.
Images: courtesy of DMC Group