Platinum Equity has agreed to acquire a controlling stake in SVP-Singer Holdings, Inc. and its wholly owned subsidiaries, a global consumer sewing machine company. Existing shareholders and management have retained a meaningful equity interest.
SVP Worldwide sells three major brand: Singer, Viking and Pfaff.
SVP Worldwide CEO Carl-Martin Lindahl and executive chairman Stan Rosenzweig, who both joined the company in 2018, will continue in their roles following the change in ownership.
“The company has made impressive strides recently by investing in technology and product development, and is on the cusp of a new stage of growth fueled by innovation and continued operational transformation,” said Platinum Equity managing director Jason Price. “Carl-Martin, Stan and the entire SVP Worldwide team have done an excellent job refocusing the business and setting the stage for the next chapter. We fully support the investments they’ve made and we will bring additional financial and operational resources to bear to help accelerate their efforts.”
“We have made good progress reinvigorating our product development capabilities and redoubling our commitment to our dealer and retail partners, but there is a lot more work to be done,” said Lindahl. “We are excited about the opportunity to work with the Platinum team, which will bring new perspectives and expertise to the table and further expand our playbook.”
Rosenzweig commented, “Technology is making sewing more accessible to a broader demographic with new demand driven in part by interest from a younger generation attracted to personalization, self-expression and outlets to showcase their creativity. In developing markets, growth is also being fueled by an emerging middle class and a ‘need to sew’ segment that uses sewing machines to generate income. It’s an exciting time for the industry.”
Latham & Watkins is serving as legal advisor to Platinum Equity on the acquisition of SVP Worldwide. BofA Securities is providing financing for the transaction. Sawaya Partners LLC is acting as exclusive financial advisor and Morgan Lewis as legal advisor to SVP Worldwide with respect to the transaction.