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Aurelius to acquire EMEA Crafts business from Coats
24
Feb '15
Aurelius Group has signed a binding deal to acquire the EMEA Crafts business of Coats plc, marketer of industrial threads and consumer textile crafts.

Coats said its EMEA Crafts business is the number one player in European textile crafts with a heritage dating back more than 250 years.

The acquisition includes the German headquarters and warehouse facilities as well as the Hungarian production site and the business generated revenues of US$150.8 million in 2013.

“The transaction is subject to a limited number of conditions usual for this type of transaction and is expected to complete in the second quarter of 2015.

According to a Coats press release, the sale will enable Coats plc to focus on further growing its successful global industrial and profitable Americas crafts businesses.

“Aurelius is experienced in complex corporate carve-out situations and focus on businesses with operational improvement potential,” Coats added.

Aurelius is expected to supply its highly specialised operational improvement capabilities to the company’s current operations, with a core focus on the long-term strategic development of the business.

Ownership of Coats EMEA Crafts brands including Schachenmayr, Patons, Regia, Rowan yarns, Milward, Puppets, Corona, Self Casa, Tre Cerchi and Royal Paris will pass to the new owners.

Aurelius will sell other Coats-owned brands in Europe under licensing and distribution agreements, which will also cover the ‘Make it Coats’ brand and European Coats Crafts website content.

Coats plc CEO Paul Forman said, “The agreement to sell EMEA Crafts follows a comprehensive review of the business, including its strategic fit within Coats.

“The decision to sell EMEA Crafts better positions Coats for future profitable growth and allows us to focus management attention on our high performing global industrial and strong Americas crafts businesses,” he too added.

Dirk Markus, CEO at Aurelius AG, said, “Aurelius and its operational experts will not only focus on swiftly completing the highly complex carve-out in 18 jurisdictions but also support the management team in unleashing EMEA Crafts’ full potential.” (AR)

Fibre2fashion News Desk - India

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