Wednesday, March 24, 2010

Sorenson, who owned 60% of Provo Craft, has sold their controlling interest

"Provo Craft & Novelty, Inc. ... announced today that BAML Capital Partners (private equity group with Bank of America) has acquired a majority equity stake in the Company.  Sorenson Capital and Provo Craft management will continue to hold significant equity positions in the Company. In connection with the acquisition, Provo Craft has also entered into new senior and mezzanine credit facilities..."

Click on the title for the full article.

This was not unexpected, as Sorenson is not in the business of maintaining any sort of permanent control of the companies they buy. Provo Craft was actually developing Cricut before Sorensen came on board, and with Sorenson's money have developed into more of an electronics company than a craft company. There are no more paper have the Yudu, four models of Cricut including the Cake Cricut, as well as the Gypsy and Your Story. These combined with the Cuttlebug/kids are where they focus their efforts. They do still have Knifty Knitter and some adhesives.

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