The Michaels Companies, Inc. announced on February 2nd that it had purchased Lamrite West, Inc. for $150 million dollars.
Lamrite West was founded in 1954 by the Catanzarite family, and remained privately held until the acquisition by Michaels Companies. The current CEO, Michael Catanzarite, was the son of company founder Pat Catanzarite. According to the announcement, Michael Catanzarite will continue as CEO of Lamrite West post-acquisition and will serve on the Michaels executive committee. Lamrite West will continue to operate out of its Ohio headquarters as “a distinct business within Michael’s” according to Michaels Companies’ press statement on the acquisition.
Youngsville, Ohio-based Lamrite West operates a 34 store craft chain in the Midwest named Pat Catan’s. There are Pat Catan’s stores in four states: Michigan, Ohio, Pennsylvania, and West Virginia. Continue Reading →