Venture 7 Advisors announced the recent sale of The Oxford Company of Middlebury, Vermont to India-based KnitPro, the world’s largest manufacturer of knitting and crocheting accessories. The acquisition is aimed at enhancing Knitpro’s product portfolio and extending its global reach. Venture 7 Advisors was the The Oxford Company’s exclusive merger and acquisition advisor on the transaction. The terms of the deal have not been disclosed.
About The Oxford Company.
Amy Oxford is a respected rug hooking expert, a renowned crafts teacher and a creator of highly-sought-after one-of-a-kind rugs. She launched her first business in 1985, providing yarns and supplies to the community of rug hooking enthusiasts.
Struggling with carpal tunnel syndrome while spending many hours hooking rugs, Amy devised and patented the Oxford Punch Needle, which has helped generations of craftspeople to avoid troublesome injuries. Her needles are considered the gold standard of the industry. In 2018, Amy’s product was discover by a social media influencer on Instagram and sales increased by 640%.
The acquisition: 4 months from start to finish.
In January of 2024, Amy got a call from Sajive Jain at Knitpro, expressing his interest in buying Oxford Needle. Amy contacted Venture 7 Partner Scott Hardy, who ushered the acquisition through in record time, closing in late April.
Amy offers high praise for Scott Hardy’s guidance and support:
“Scott drew up a good, honest contract for Venture 7’s services. He was respectful and professional, and he made me feel that my small business is valuable, and to take pride in it. He was an ally as my representative, but also an ally for Sajive, the buyer. He made us feel that he was working for both of us. It never felt adversarial, but like we were working together toward a good outcome for everyone. He’s a diplomat!
Scott was generous with his time, even for a small deal like mine. He was always available, energetic, explained some tricky deal points very clearly, and provided great handholding during the due diligence process, which I don’t imagine is ever fun for any business seller.”
About Knitpro.
Knitpro is part of a diversified, family owned business located in Jaipur, India, with a workforce of more than 1,700. Knitpro’s needlecraft tools and accessories are sold in more than 8,000 retail outlets in 70 countries.
Comments from Sajive Jain, Partner at Knitpro:
“We were aware of Amy’s company and her product line. When we approached her about an acquisition, she brought Venture 7 Partner Scott Hardy into the process. When Amy mentioned that she was bringing in an M&A firm, I was nervous - investment bankers and batteries of attorneys often add so much unnecessary complexity to a deal.
But Scott was the opposite. He was very constructive and he knew how to keep the deal moving forward. He provided excellent, objective advice to Amy, and clarified the details for her. The owners of successful small businesses who have never sold a company before can be overwhelmed by the process, but Scott also offered wonderful emotional support.”
Amy will stay on at Knitpro for a period of time as a salaried employee, to continue overseeing the operation and to ensure a smooth transition to the new owners. After that she’ll have a consulting agreement to continue providing guidance.
Knitpro plans to move all manufacturing to its production facilities in India , but the Vermont office will remain as an expansion point for building US sales for other KnitPro products. The combined expertise, resources, and market presence are expected to unlock new growth opportunities, and Sajive expects Oxford/KnitPro to be a growing company in Vermont and U.S. in general.
About Venture 7 Advisors.
Venture 7 Advisors was built from the ground up to help business owners grow and sell their companies successfully. We think like business owners because we are business owners. Venture 7 partners have owned and exited more than a dozen of our own companies. We offer practical business advice here on our website and through professional publishers and development centers such as CFO.University. We encourage business owners to Contact us for a free brainstorming session. No sales pitch, just business ideas and support from seasoned owners like you.