Peterson Partners Sells Making Memories to Advent International Completing Their Investment in Making Memories
May 10, 2005 Salt Lake City, UT . Peterson Partners, one of the most successful private equity firms in the Inter-mountain West, today announced it has sold its investment in Making Memories to Advent International. The announcement was made by Jordan Clements, managing partner of Peterson Partners. The transaction will provide liquidity to existing shareholders and support management.s rapid growth strategy. Terms of the deal were not disclosed.
Founded in 1997 and headquartered in Centerville, Utah, Making Memories is an award-winning supplier of proprietary products to leading retailers and distributors worldwide. Peterson Partners invested in Making Memories in 2003. A renewed emphasis placed on preserving and sharing life experiences post 9/11, boosted the interest in scrap booking and aided in the rapid growth of families bringing crafting activities home. Making Memories. deep offering of more than 5,000 items includes paper, card stock, stickers, embellishments, albums, idea books, and storage/organization products. The U.S. scrap booking market is a $2.6 billion industry which has experienced healthy double-digit growth per annum for over 25 years. With one in four households actively participating in scrap booking, it now surpasses the golf industry.
"Making Memories holds a leading market position and is a highly regarded craft and scrap booking marketer with an extensive line of products targeted at craft enthusiasts. We were delighted to be a part of its growth, building the current management team and honing an exit strategy for its founder," said Jordan Clements.
Advent International is a leading private equity investor in the retail and consumer with over 20 investments world-wide. .We believe our growth strategy, management decisions and investment capital assisted in the strong growth and market leader position Making Memories has enjoyed. Making Memories success is also our success and the ability to attract new investors such as Advent International is a demonstration of our ability to grow companies with strong track records who can attract world class investors,. said Rick Statford, Peterson Partners, lead partner on Making Memories. In connection with the transaction, Messrs. Collins and Mussafer have joined Making Memories. Board of Directors. Pepper Hamilton LLP served as legal counsel for Advent International. Headwaters MB served as the investment banking advisor to Making Memories. Management will retain a significant ownership stake following the transaction.
About Peterson Partners Peterson Partners, based in Salt Lake City, is one of the Inter-mountain West.s most successful private equity firms. Peterson Partners is ranked in the top one percent of investment groups in the U.S. for return on investment. Specializing in small to mid-sized companies, Peterson Partners has a track record of success including investments in JetBlue, Making Memories, Envirocare, Asurion, Instashred and Diamond Rental. Founded in 1995, Peterson Partners has over $275 million under management through three funds, and in early 2005 completed funding on its Peterson Partners Fund IV.
About Advent International Advent International is one of the world.s largest private equity firms, with $10 billion in cumulative capital raised and offices in 13 countries across North America, Europe, Latin America and Asia Pacific. Since its founding in 1984, Advent has been committed to helping management teams build successful businesses by applying its industry expertise, international resources and local market knowledge. Over 130 of Advent.s portfolio companies have completed IPOs on major stock exchanges worldwide. Its portfolio companies have raised more than $10 billion through public equity and debt offerings. Advent recently announced the final close of its global private equity fund, Advent International GPE V at $3.2 billion. For more information, visit www.adventinternational.com.
Press Contact: Margaret Nathan 435.658.28-75 margaret.nathan@strateticcommunication.comOr
Jordan Clements801-359-8880
Jordan@petersonpartnerslp.com