Deal Details

Sale of Majority Equity Stake to BAML Capital Partners

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Summary

About

Provo Craft & Novelty, Inc. (“Provo Craft” or the “Company”), a leading creative technology company, announced today that BAML Capital Partners has acquired a majority equity stake in the Company. Sorenson Capital and Provo Craft management will continue to hold significant equity positions in the Company. In connection with the acquisition, Provo Craft has also entered into new senior and mezzanine credit facilities.

Provo Craft is a technology company that enables people to be their creative best. For 40 years, Provo Craft has invented new products that bring industrial technology to the masses, including the Cricut® Personal Electronic Cutter, the Cricut DesignStudio™ software, the new Cricut Cake and the Cuttlebug™ Die Cutter and Embosser. These innovative tools help people bring their creative ideas to life in a personalized, professional-looking way at home, in schools and in the workplace. Provo Craft’s products have won dozens of industry awards and are available through leading mass retail, craft, home décor, office, and education outlets nationwide.

BAML Capital Partners is the private equity arm of Bank of America Corporation. Bank of America is one of the world's largest financial institutions, serving clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Sorenson Capital is a private equity firm headquartered in Salt Lake City, Utah, that is focused on small to middle-market buyout and growth equity investments.

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