BlueGem II LP acquires UK-based needlecraft company Sirdar
BlueGem is pleased to announce the acquisition of Sirdar, one of the market leaders in hand knitting yarns. Sirdar will be merged with portfolio companies DMC and Wool And The Gang to form the DMC Group, formerly known as Crafts Group Holding. BlueGem II LP owns 100% of all three companies.
Founded in 1880, Sirdar is a supplier of knitting and technical yarns which are distributed throughout the UK and internationally, particularly in North America. With headquarters in Wakefield, the company spins and supplies yarns and designs to a range of independent retailers and specialist knitting and craft shops.
BlueGem hope to create a world-leading platform in the needlecraft space, capitalising on the ‘craft DIY’ trend as increasing numbers of people turn to needlework as a form of digital detox. Massimo Saracchi, who will become Group Executive Chairman of the new DMC Group, believes this to be particularly true for the younger generation, creating new customer demand for different patterns: “ People are intoxicated by their phones and computers these days and want to take a break and do something with their hands. Wool and The Gang offers simple patterns with videos for beginners while Sirdar and DMC have the expertise that appeals to customers who are already very familiar with knitting and embroidery.”
Since the acquisition of DMC and Wool And The Gang in 2016, Wool And The Gang has reinforced DMC’s footprint in knitting and transformed its digital platform, whilst Wool And The Gang has benefitted from DMC’s product offering, distribution channels and networks globally.