New Image Group, Inc. Acquires Lara’s Crafts, Inc.
River Capital, an Atlanta based private investment firm, has announced its purchase of Lara’s Crafts, Inc. (“Lara’s Crafts”), which will operate as a wholly-owned subsidiary of New Image Group, Inc. (“New Image”), a River Capital portfolio company. The purchase price was not disclosed.
Lara’s Crafts, based in Fort Worth, Texas, is one of the nation's largest suppliers of quality wood parts and accessories for the craft and hobby industry. 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 Lara’s Crafts.
Jerry Wethington, Chairman of the Board of New Image Group and Managing Director of River Capital, said, “We are enthusiastic about the addition of Lara's Crafts, which supplies quality wood parts and accessories for the craft and hobby industry. Lara’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.