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Abstract
The proceeds of the offering were used to indirectly acquire 80 per cent of the securities of Spinrite Limited Partnership and to pre-fund capital expenditures to drive future growth. Sentinel Capital Partners, the company's previous owner and members of Spinrite senior management indirectly hold the remaining 20 per cent of the securities of Spinrite Limited Partnership through Subordinated Holding LP units. Distributions on the Subordinated Holding LP units will be subordinated in favour of distributions on units of the Fund for a period of time.
Spinrite is the largest producer and marketer of craft yarn in Canada and one of the largest and fastest growing in the United States. Established in 1952, Spinrite researches, develops, manufactures and markets a broad variety of consumer craft yarns. The company also supports its market with patterns that provide customers with creative ideas for knitted products. Spinrite has approximately 600 employees at its fully integrated manufacturing and distribution centre in Listowel, Ontario.