SIRDAR, one of the market leaders in hand knitting yarns, has been sold to the London-based mid-market private equity manager, BlueGem Capital Partners LLP, for an undisclosed sum.
Based in Alverthorpe, Wakefield, Sirdar will sit alongside the complementary needlecraft brands, DMC (Dollfus-Mieg et Compagnie) and Wool And the Gang, which was acquired by BlueGem in August 2016.
Together the three companies will form a new DMC Group, known as Crafts Group Holding.
Founded in 1880, Sirdar is a supplier of yarn and textile products, which are distributed throughout the UK and internationally, particularly in North America.
Professional services firm RSM and law firm Squire Patton Boggs provided advice in connection with the disposal.
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.”
Paul Mann, corporate partner at Squire Patton Boggs, said: “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.”