New Image Group, Inc. Acquires Kelly’s Crafts, Inc.
River Capital, an Atlanta based private investment firm, has announced its purchase of Kelly's Crafts, Inc. (“Kelly’s Crafts”), which will operate as a wholly-owned subsidiary of New Image Group, Inc. (“New Image Group”), a River Capital portfolio company. The purchase price was not disclosed.
Kelly’s Crafts, based in Fairfield, Ohio, manufactures, designs, imports and sells kids’ craft items for the hobby and craft industry. The company’s product line which includes suncatchers, glass stain, frames, craft sand, buttons, and seasonal products and can be found in major retailers throughout the United States. New Image Group, headquartered in Union, South Carolina, was formed to facilitate the investment in and development of complementary craft and home decor companies. River Capital provided subordinated debt and invested in the common stock of Kelly’s Crafts.
Jerry Wethington, Chairman of the Board of New Image Group and Managing Director of River Capital, said, “Kelly's Crafts provides New Image with an outstanding product offering of kids’ crafts. Kelly’s Crafts is a well-known brand among the craft enthusiast and further demonstrates our commitment to developing one of the premier craft and home décor companies in the industry.”
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.