New Image Group, Inc. Acquires Signature Designs, Inc
River Capital, an Atlanta based private investment firm, has announced its purchase of Signature Designs International, Inc. (“Signature Designs”), 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.
Signature Designs, based in Boone, North Carolina, is an importer of artificial floral arrangements for the home décor market. The company’s products can be found in better retail stores 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 Signature Designs.
Jerry Wethington, Chairman of the Board of New Image Group and Managing Director of River Capital, noted, “Signature Designs is an exciting addition to our current line of craft and décor brands. The Company has a strong retail exposure and, as a result of its Hong Kong subsidiary, expands the sourcing opportunities for our three existing operating subsidiaries.”
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.