Yarn brands Rowan and Patons have been sold to the legacy embroidery floss company, DMC. The announcement was made on Friday. Both brands had been part of MEZ, one of the portfolio of companies owned by the Aurelius Group. DMC is owned by the private equity firm Lion Capital. The details of the transaction were kept private.
In 2015 when Aurelius acquired Rowan, the hand knitting division was suffering from shrinking sales and earnings as well as an unstructured product portfolio, according to a press release announcing the DMC sale. In the intervening years, the brand has been bolstered with a focus on premium-quality hand-knitting yarns made of fine natural fibers.
“During this time we have enjoyed great success in turning the Rowan brand into a profitable business,” wrote Trisha Malcolm, Executive Brand Strategist for MEZ, in a separate press release. “We now find ourselves in a position where it is time to move on and join a new company that is excited to support the future growth of Rowan and carry it forward to even greater things.” Rowan will retain its independence within the DMC Group.
DMC is a longtime distributor of Rowan yarns. This acquisition will allow DMC to strengthen its positioning as a European handcrafts company.