Sorenson Capital invests in Provo Craft

Sorenson Capital credits growth, management for interest in firm

Sorenson Capital, a $250 million private equity fund based in Salt Lake City, announced Thursday it will become an investment partner in Provo Craft and Novelty.

The Spanish Fork-based business operates 10 retail centers in Utah and Idaho under the Roberts Arts & Crafts name. The company employs roughly 800 people statewide and is a wholesale creator, designer and supplier of scrapbooking supplies, home decor and general craft items to national and international outlets.

Fraser Bullock, managing director of Sorenson Capital, would not disclose details of the transaction but did say the decision to invest in the company was based on a strong management team.

"They have a tremendously successful track record of very robust growth," Bullock said. "We will take no management role because we have full confidence in them. We want to support them and provide resources to continue strong growth in the business."

By Dave Anderton
Deseret Morning News

Full Story: http://deseretnews.com/dn/view/0,1249,600136975,00.html