Sirdar snapped up to form DMC Group
By Mark Hayhurst 28 Apr 2017
A new needlecraft business has been founded following the sale of Sirdar.
The hand-knitting yarn manufacturer, based in Wakefield, West Yorkshire, has been acquired by BlueGem Capital Partners LLP.
The private equity firm snapped up DMC and Wool and the Gang in August last year and Sirdar will now sit beside them to form DMC Group, formerly known as Craft Group Holdings.
Russell Morris, Sirdar managing director, said: “We are delighted to join the DMC Group - bringing together two companies with such fantastic heritage will offer additional worldwide exposure and we look forward to the exciting opportunities that lie ahead.”
The acquisition of DMC, which makes premium cotton thread, Wool and the Gang, an online business which sells knits and yards and patterns in conjunction with designers, and Sirdar will form a global leader in needlecraft.
Massimo Saracchi, Group Executive Chairman of DMC Group said: “Together these three companies will form the DMC Group, which we want to become the world’s foremost platform in the needlecraft space.
“DMC Group intends to be the global consolidator within the needlecraft industry, aiming to synergise the best companies operating worldwide in the category. As such, we are actively looking for further acquisitions.
“Increasing numbers of people now detox from digital activity through knitting and needlework - activities which tap seamlessly into the normalised behaviour for people to “share” their creations on social media.
“The growing trend of “Craft DIY” to monogram and customise clothing and accessories has led to a resurgence of embroidery and needlework. These are global trends happening right across the world, from London, Paris and New York to Tokyo, Nigeria and the UAE.
“It is a huge and growing market, and we believe that with Sirdar, DMC and Wool and the Gang, we have created the leading platform for our customers.
“We have built a highly talented management team, with superb experience in e-commerce and digitalisation, product design, social activities and global commercialisation. We will leverage these skills to transform and modernise DMC and Sirdar to better reach consumers globally.”