Renovo Capital Acquires Clay Art
NEW YORK, MAY 15, 2009 –Renovo Capital, LLC, a private equity group focused on distressed and special situation investing, announced today the acquisition of Clay Art, Inc. Renovo Capital, through an affiliate, acquired substantially all of the assets and on-going operations of Clay Art, Inc. from its founders.
Clay Art is based in South San Francisco, Calif., and sells products in the tabletop and novelty gift industry. Clay Art is well known for its innovative design and production techniques and for hand-painted ceramic serveware, chip and dip platters, cookie jars, salt and pepper shakers, and other novelty items. The company was founded more than 30 years ago by Michael Zanfagna and Jenny McLain-Doores.
“The torch of ownership has been passed to our new owners, and although Jenny and I will still be involved in the creative aspects of Clay Art, we are also eager to enjoy our newly found free time. We are both excited that Renovo is bringing new resources and energy to revitalize the Clay Art brand and take it to new levels” said Michael Zanfagna.
FirstCity Crestone provided a senior debt facility in conjunction with the closing of the acquisition.
ABOUT FIRSTCITY CRESTONE:
FirstCity Crestone is a special situations investment company with a broad mandate to invest in a variety of lower middle-market assets. The company buys distressed debt, invests in troubled companies, originates junior and senior high yield loans, and executes control and non-control small market buyouts. FirstCity Crestone targets transactions between $1 and $25 million.
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