The deal is the fourth from Levine Leichtman’s $225m SBIC Fund, which it closed in March 2011 to target US businesses with revenues of up to $50m in the consumer products, light manufacturing and services sectors.
Levine Leichtman co-founder and CEO Lauren Leichtman said, “Polyform is a truly unique company offering a diverse portfolio of polymer clay products to meet the needs of the most discerning artisan as well as beginners to the craft clay hobby.
“We are excited to partner with Denice Steinmann and the rest of the Polyform senior management team and look forward to continuing to introduce innovative products for its creative customers.”
Levine Leichtman Capital Partners V collected more than $1.27bn towards its $1.5bn target according to an updated filing with the Securities & Exchange Commission, which showed more than 50 LPs have agreed to hand over funds to date.
That total means LLCP V has outstripped the $1.1bn the firm collected for its 2008-vintage fourth fund, and is just $222m away from hitting the $1.5bn mark.
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