On October 8, 2015, TorQuest Partners, through a wholly owned acquisition vehicle, successfully acquired from Sentinel Capital Partners, together with the other shareholders of Spinrite Acquisition Corp. (Spinrite), all of the outstanding shares of Spinrite, following the completion of a reorganization of Spinrite. The financing to complete the acquisition was provided by The Bank of Nova Scotia, as agent for a syndicate of lenders and as a lender itself. No financial terms were disclosed for the transaction.
Spinrite is the largest producer and marketer of craft yarn in North America. Established in 1952, Spinrite is well known for its Patons, Bernat, Lily, Peaches & Creme, Caron and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite has more than 500 employees across its fully integrated manufacturing and distribution centers in Listowel, Ontario and Washington, North Carolina.
Sentinel Capital Partners and Spinrite were represented by Stikeman Elliott LLP with a team that included Joel Binder, Kevin Smyth, Aniss Amdiss, Eric Lung and Paul Neville (corporate), Craig Mitchell and Tara Watson (banking), John Lorito and Lindsay Gwyer (tax), Larry Cobb (environmental), Michael Kilby (competition), Neil Shapiro (real estate), Kathleen Chevalier (employment), Ryan Sheahan (intellectual property) and Aiden Talai (benefits).
TorQuest Partners was represented by Torys LLP with a team that included Matthew Cockburn, Laurie Duke, Zehra Sheerazi, Josh Van Deurzen, Addie Buhr, Matt Kuchinsky, Frazer House, Michele Cousens and Geoffrey Kelsall (corporate), Tom Zverina and Olga Matyash (banking), Andrew Wong and Jerald Wortsman (tax), Tyson Dyck (environmental), Omar Wakil (competition), Andy Gibbons and Nooreen Bhanji (real estate), Lynne Lacoursière and Tom Stevenson (pensions and employment) and Teresa Reguly and Henry Bian (intellectual property).
The Bank of Nova Scotia was represented by Davies Ward Phillips & Vineberg LLP
with a team that included Carol Pennycook
, Joel Scoler
and James van Wyck (banking), and Patrice Thomas (real estate).