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World’s Largest Craft Business Snapped Up
Listed under: News
Published: Thursday, January 13, 2011
One of the industry's leading craft stores has recently been purchased for $1.6 billion in what is likely to be one of the most talked about takeovers of the year.
Currently one of the largest fabric retailers in America, Jo-Ann stores presently boasts 756 stores in 48 different states and sells a range of craft supplies, including products for sewing, cardmaking and home décor.
Its new owner, Leonard Green & Partners, already owns a number of well-known retail chains, including Whole Foods, Neiman Marcus and Tire Rack.
Commenting on the company's acquisition, Jo-Ann's chairman and CEO, Darrell Webb, says, “We are excited about the prospect of working with Leonard Green & Partners as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores, and pursue market share gains.”
The company's shares have already risen by as much as 33.7% since the sale, however, the acquisition is yet to be approved by all the retailer's shareholders.
Currently one of the largest fabric retailers in America, Jo-Ann stores presently boasts 756 stores in 48 different states and sells a range of craft supplies, including products for sewing, cardmaking and home décor.
Its new owner, Leonard Green & Partners, already owns a number of well-known retail chains, including Whole Foods, Neiman Marcus and Tire Rack.
Commenting on the company's acquisition, Jo-Ann's chairman and CEO, Darrell Webb, says, “We are excited about the prospect of working with Leonard Green & Partners as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores, and pursue market share gains.”
The company's shares have already risen by as much as 33.7% since the sale, however, the acquisition is yet to be approved by all the retailer's shareholders.
