Michaels Buys Lamrite West From the Catanzarite Family for $150M

Arts and crafts retailer Michaels Cos. Inc. said Tuesday it has acquired Lamrite West Inc. and certain of its affiliates and subsidiaries for $150 million. Lamrite West is an international wholesale and retail supplier of arts and crafts. In a statement, Michaels chairman and CEO Chuck Rubin said the acquisition 'represents a unique opportunity to add a business to the Michaels portfolio that will strategically enhance our private brand development capabilities, accelerate our direct sourcing initiatives, and strengthen our business-to-business capabilities.' Lamrite West will retain its employees and facilities in Strongsville, Ohio, and will operate as an independent business within Michaels. Lamrite West CEO Michael Catanzarite will continue to lead the Lamrite West team and will serve on Michaels' executive committee. Catanzarite's father Pat founded Lamrite West in 1954. The company began life as a retail operation, opening a single store that has now expanded to 31 locations in Ohio, Pennsylvania, Michigan and West Virginia.