LOS ANGELES (August 2, 2021) – Platinum Equity announced today that it has completed the acquisition of a controlling stake in SVP-Singer Holdings, Inc. and its wholly owned subsidiaries (“SVP Worldwide”), the world’s largest consumer sewing machine company. Existing shareholders and management have retained a meaningful equity interest. Financial terms were not disclosed.
SVP Worldwide accounts for more than one out of three consumer sewing machines sold worldwide through three iconic brands: SINGER®, VIKING®, and PFAFF®. The company’s products are sold across a network of sewing machine dealers, mass retailers, specialty shops, online retailers, distributors, and the company’s 180 internally operated retail stores.
“SVP Worldwide features iconic brands that have been synonymous with sewing for more than 170 years,” said Platinum Equity Managing Director Jason Price. “The company’s new generation of products will help SVP Worldwide brands build on that legacy. We are excited to work with Carl-Martin, Stan and the entire SVP Worldwide team and look forward to supporting their continued efforts to innovate, grow and transform the business.”
SVP Worldwide CEO Carl-Martin Lindahl and Executive Chairman Stan Rosenzweig, who both joined the company in 2018, will continue in their roles following the change in ownership. “SVP Worldwide features iconic brands that have been synonymous with sewing for more than 170 years,” said Platinum Equity Managing Director Jason Price. “The company’s new generation of products will help SVP Worldwide brands build on that legacy. We are excited to work with Carl-Martin, Stan and the entire SVP Worldwide team and look forward to supporting their continued efforts to innovate, grow and transform the business.”
With its corporate headquarters in Nashville, TN, and regional headquarters and sales offices in Milan, Shanghai and Mexico City, SVP Worldwide is a global business that serves consumers in more than 180 countries. The company’s operations include manufacturing facilities in Asia and Latin America, multiple R&D centers, including a new state-of-the-art facility in Sweden, a software development center in the UK, and a global supply chain with distribution centers in all regions.
Latham and Watkins served as legal advisor to Platinum Equity on the acquisition of SVP Worldwide. BofA Securities provided financing for the transaction. Sawaya Partners LLC acted as exclusive financial advisor and Morgan Lewis as legal advisor to SVP Worldwide with respect to the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.