LOS ANGELES, June 10, 2021 /PRNewswire/ — Platinum Fairness introduced immediately a definitive settlement to accumulate a controlling stake in SVP-Singer Holdings, Inc. and its wholly owned subsidiaries (“SVP Worldwide”), the world’s largest shopper stitching machine firm. Present shareholders and administration have retained a significant fairness curiosity. Monetary phrases weren’t disclosed. The transaction is predicted to be accomplished in the course of the third quarter of 2021.
SVP Worldwide accounts for multiple out of three shopper stitching machines offered worldwide via three iconic manufacturers: SINGER®, VIKING®, and PFAFF®. The corporate’s merchandise are offered throughout a community of stitching machine sellers, mass retailers, specialty outlets, on-line retailers, distributors, and the corporate’s 180 internally operated retail shops.
SVP Worldwide CEO Carl-Martin Lindahl and Govt Chairman Stan Rosenzweig, who each joined the corporate in 2018, will proceed of their roles following the change in possession.
“The corporate has made spectacular strides just lately by investing in expertise and product growth, and is on the cusp of a brand new stage of development fueled by innovation and continued operational transformation,” stated Platinum Fairness Managing Director Jason Worth. “Carl-Martin, Stan and your complete SVP Worldwide workforce have finished a wonderful job refocusing the enterprise and setting the stage for the following chapter. We absolutely assist the investments they’ve made and we are going to deliver extra monetary and operational sources to bear to assist speed up their efforts.”
With its company headquarters in Nashville, TN, and regional headquarters and gross sales places of work in Milan, Shanghai and Mexico Metropolis, SVP Worldwide is a world enterprise that serves shoppers in additional than 180 international locations. The corporate’s operations embody manufacturing services in Asia and Latin America, a number of R&D facilities, together with a new state-of-the-art facility in Sweden, a software program growth heart within the UK, and a world provide chain with distribution facilities in all areas.
“We now have made good progress reinvigorating our product growth capabilities and redoubling our dedication to our supplier and retail companions, however there may be much more work to be finished,” stated Mr. Lindahl. “We’re excited in regards to the alternative to work with the Platinum workforce, which can deliver new views and experience to the desk and additional broaden our playbook.”
Mr. Rosenzweig, whose household has been concerned within the stitching trade for 3 generations, added he’s optimistic about development tendencies within the sector.
“Know-how is making stitching extra accessible to a broader demographic with new demand pushed partly by curiosity from a youthful era drawn to personalization, self-expression and shops to showcase their creativity,” stated Mr. Rosenzweig. “In growing markets, development can also be being fueled by an rising center class and a ‘want to stitch’ phase that makes use of stitching machines to generate revenue. It is an thrilling time for the trade.”
Along with alternatives for natural development, Platinum Fairness expects to make use of its M&A sources to assist the corporate broaden.
“An upcoming slate of thrilling new merchandise positions SVP Worldwide manufacturers to achieve market share, and we additionally imagine there are extra means for development via add-on acquisitions, notably in sewing-related equipment and different merchandise,” added Mr. Worth.
Latham and Watkins is serving as authorized advisor to Platinum Fairness on the acquisition of SVP Worldwide. BofA Securities is offering financing for the transaction.
Sawaya Companions LLC is performing as unique monetary advisor and Morgan Lewis as authorized advisor to SVP Worldwide with respect to the transaction.
About Platinum Fairness
Based in 1995 by Tom Gores, Platinum Fairness is a world funding agency with greater than $25 billion of property below administration and a portfolio of roughly 40 working corporations that serve prospects around the globe. The agency is at the moment investing from Platinum Equity Capital Partners V, a $10 billion world buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund centered on funding alternatives within the decrease center market. Platinum Fairness makes a speciality of mergers, acquisitions and operations – a trademarked technique it calls M&A&O® – buying and working corporations in a broad vary of enterprise markets, together with manufacturing, distribution, transportation and logistics, gear rental, metals companies, media and leisure, expertise, telecommunications and different industries. Over the previous 25 years Platinum Fairness has accomplished greater than 300 acquisitions.
Dan Whelan, Platinum Fairness
Lori Tesoro, SVP Worldwide
SOURCE Platinum Fairness