The UK craft trade magazine Craft Business is reporting that private equity group Blackstone, which along with Bain Capital purchased Michaels in 2006, is now bidding to purchase UK craft retailer HobbyCraft.
The company has been for sale since late last year. Competition for the purchase is fierce, attracting reportedly as many as 20 bidders.
HobbyCraft, founded in 1995, is the UK’s only dedicated craft chain store. It currently has 47 stores and plans to expand to 180.