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H.I.G. Capital Acquires Majority Interest in Two Leading Scrapbooking Companies
SAN FRANCISCO - August 23, 2006 - H.I.G. Capital, a leading private equity firm, acquired a majority interest in Die Cuts With a View, a Provo, Utah company and Pressed Petals, a Richfield, Utah company to form DCWV, Inc. Both companies design, manufacture, and distribute branded scrapbooking products. Die Cuts With a View is an industry leader in foundational scrapbooking products, including distinctively designed, themed and colored stacks of paper, stickers, quotes, and rub-ons. Pressed Petals creates unique, high-quality embellishments utilizing real pressed flowers, chipboard, and metals. The two companies have complementary product lines which will provide a broader product offering to their customers. In 2005, Die Cuts With a View was recognized as the 70th fastest growing company on the "Inc. 500 Fastest-Growing Private Companies" list and was the #1 Utah-based company recognized.
"We are extremely excited to partner with H.I.G. and Pressed Petals," said Nancy Hill, co-founder of Die Cuts With a View. Nancy is widely regarded as an industry expert and is a regular presenter on the QVC channel. "This new relationship will enable us to accelerate our growth and bring a lot of fresh ideas to the marketplace."
Elliot Maluth, Managing Director of H.I.G., shared Nancy's sentiment and added, "It will be a privilege to work with these outstanding management teams and we look forward to growing this business together. DCWV is extremely well positioned to capitalize on the expanding scrapbooking and craft industry due to its strong brand, great channels, and continuous innovation."
"This transaction marks the beginning of a new era for all of us," said Mike Hill, co-founder of Die Cuts With a View and new CEO of DCWV, Inc. "We are looking forward to the combination of all of our talents in not only creating a unique market offering, but in developing a team of professionals that help us reach the next level of performance and satisfaction for both our customers and employees."
About Die Cuts With a View
Based in Provo, Utah, Die Cuts With a View was founded in 1995 by Nancy and Mike Hill. The Company designs, manufactures, and sells innovative, quality products to the memory, stationery, and craft markets. Its products are differentiated by their quality, always-updated look and feel, innovation, and customer-respected brand name. For more information, please refer to its website at www.dcwv.com.
About Pressed Petals, Inc.
Based in Richfield, Utah, Pressed Petals was founded in 1989 by Chet and Lenita Thompson. Pressed Petals offers unique, high-quality products to scrapbooking and papercrafting enthusiasts. Its products include high-quality embellishments with pressed flowers, chipboard, and metals. For more information, please refer to its website at www.pressedpetals.com.
About H.I.G. Capital
H.I.G. Capital, L.L.C. is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. has extensive experience with financial restructurings and operational turnarounds. H.I.G. has completed in excess of 70 transactions. The firm currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.