AccuQuilt, maker of the GO! cutting machines, has been acquired by a private equity firm. WILsquare Capital, a St. Louis-based firm, announced the acquisition of AccuQuilt’s parent company, TekBrands, late last week. Terms of the transaction were not disclosed.
AccuQuilt was co-founded by Steve and Lynette Nabity in 1990 in Omaha, Nebraska. Following the transaction, Steve Nabity will continue to serve on the company’s board. In 2019, the company’s president, Greg Gaggini, left to become an executive coach.
“The leadership team and I are pleased to partner with WILsquare,” said Mary Kay O’Connor-Wente, CEO of TekBrands. “We immediately knew they were the best partner to take us into the next level of growth. The culture and values of WILsquare fit perfectly with TekBrands, and we are excited about their commitment to support the future growth of the business.”
The company’s AccuQuilt and AccuCut brands offer quilting and crafting enthusiasts faster, safer and more accurate solutions for cutting fabric and paper materials used in a wide range of creative projects. The company’s MemoryStitch brand offers quilting services that convert customer-provided tee-shirts and fabrics into custom finished quilts.
“The Midwestern values and distinct culture of continuous improvement at TekBrands resonate strongly with us,” said Andrew Scharf, Director at WILsquare Capital. “We look forward to preserving and expanding upon the legacy that Steve and the management team have built over more than three decades.”
In the AccuQuilt and Beyond Faceboook group, AccuQuilt customers expressed mixed feelings about the announcement. Several worried that the sale would have a similar outcome to online class platform Craftsy’s sale to NBCUniversal, while others hoped that customer service would improve under the new owners.