Wakefield-based yarn and textiles manufacturer, Sirdar has been acquired by London-based private equity manager BlueGem Capital Partners LLP.
Founded in 1880, Sirdar is a supplier of yarn and textile products, which distributes throughout the UK and internationally, particularly in North America.
Sirdar 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, formally known as Crafts Group Holding.
RSM and Squire Patton Boggs advised Sirdar on the sale to BlueGem Capital.
The RSM team, led by corporate finance partner Steve Hubbard with support from Amy Lewis and Umito Choji, acted for the shareholders of Sirdar on the transaction.
Squire Patton Boggs’ corporate partner Paul Mann with assistance from Louisa Hine and Harry Hobson, acted as legal advisors to the shareholders.
Steve Hubbard, corporate finance partner at RSM, said:
“As a long standing client, who we advised on their original management buyout, I am delighted that we have been able to support the shareholders on their sale to BlueGem.
“It brings together three complementary businesses, delivering real synergies in product offering, distribution channels and routes to market in the UK and globally. This will allow Sirdar to maximise opportunities in the thriving yarn market – shaping its next stage of growth.”
Paul Mann, corporate partner at Squire Patton Boggs, added:
“We have enjoyed a long relationship with Sirdar, having acted for the group alongside RSM for many years.
“It is a measure of the strength of the longstanding relationships held by Yorkshire advisers that ensure we continue to support businesses over many years through each stage of their growth and development.
“It has been a real pleasure to have advised the shareholders on the sale of the business and we look forward to seeing the business continue to prosper under new ownership.”