Tuesday, March 23, 2010
Sorenson Capital Sells Interest In Provo Craft To Private Equity Firm
South Jordan, Utah-based Provo Craft & Novelty, a developer of software and electronics products for the arts and crafts market, announced today that Salt Lake City-based Sorenson Capital has sold a majority equity interest in the firm to private equity company BAML Capital Partners. Financial details of the sale were not disclosed. According to Provo Craft, Sorenson Capital and Provo Craft management will continue to hold "significant" equity positions in the company. The sale also comes along with new senior and mezzanine credit financing. The firm said the funding and sale would help the firm executive on its growth plan. BAML Capital Partners is the private equity arm of Bank of America Corporation.