River Capital Announces Creation of New Image Group, Inc.
River Capital, an Atlanta based private investment firm, has announced the creation of the holding company, New Image Group, Inc (“New Image Group”). New Image Group was formed to facilitate the investment in and development of complementary craft and home decor companies and is currently comprised of New CPE, Inc. (“New CPE”) and Masterworks Décor, Inc. (“Masterworks Décor”). New CPE is a manufacturer of acrylic felt and other textile products for the craft, consumer and industrial markets. Masterworks Décor manufactures fine botanical décor for the retail, home décor, furniture and gift markets. Both companies are headquartered in Union, South Carolina, and were acquired by River Capital in 2003.
Jerry Wethington, Chairman of the Board of New Image Group and Managing Director of River Capital, said, “New Image provides us with a vehicle to acquire and consolidate a portfolio of companies in the craft and home décor markets, which are highly fragmented and possess favorable growth trends. The consolidation provides opportunities to acquire other manufacturers, extending the Company’s product offerings and distribution channels, and further leveraging the customer base.”
River Capital is one of the oldest firms of its type in the Southeast and has acquired companies in a broad range of industries with combined annual revenues in excess of $600 million. River Capital primarily invests in light manufacturing, distribution and select service companies with purchase prices of $10 million to $50 million. For add-on acquisition candidates, the firm will consider companies with a purchase price less than $10 million.