LONDON — BlueGem, the London-based, midmarket private equity manager that owns Liberty, is expanding its portfolio of textile companies with the acquisition of Sirdar, a British manufacturer of high-quality yarns for knitting.
BlueGem, which acquired 100 percent of the yarns specialist, said Sirdar will sit alongside two existing brands in its portfolio, Wool and the Gang and Dollfus-Mieg & Compagnie, which were both acquired last August.
Wool and the Gang is a young digital company created in 2008 that promotes sustainability by selling yarns, sewing kits and knitting patterns for customers to create their own pieces, while Dollfus-Mieg et Compagnie dates to the 18th century and is best known for its premium cotton thread, which it exports to more than 125 countries.
The three companies, under the banner DMC Group, will aim to become a leader in the crafts and embroidery market, tapping into the new trend for knitting as “digital detox” and the increasing popularity of DIY creations shared via social media.
“We want the DMC Group to become the world’s foremost platform in the needlecraft space,” said Massimo Saracchi, group executive chairman of DMC.
“The growing trend of ‘craft DIY’ to monogram and customize 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.”
He added that the group is working toward building a team specializing in e-commerce, digitalization and social activities in order to modernize DMC and Sirdar, which are more than 270 and 137 years old respectively.
The group also said it is actively looking for further acquisitions in order to ensure that the newly formed group brings together the best companies globally in the needlecraft market.
BlueGem invested in Liberty in 2013 and plans to take the company public within the next year.
In October, it also took a stake in Jack Wills, partnering with Peter Williams, the founder and chief executive officer of Jack Wills, to form an investment vehicle known as Union Lifestyle Ltd., which now owns 100 percent of Jack Wills Group.