Formation Brands, LLC acquired, in two separate transactions, the assets of Formation Enterprises and Clay Art Products.
Formation designs, creates, sources, and wholesales branded and non-branded glassware, barware, hot and cold beverageware and whimsical novelty gifts. Clay Art is an industry leader in the creation, sourcing and wholesaling of theme-based ceramic serveware, dinnerware, and novelties.
Renovo Capital, LLC partnered with the Founders of Formation Enterprises and First City Crestone, to purchase the assets, where the Founders remained key members of the senior management team. Formation’s operations were subsequently combined with Clay Art Products, to achieve operating synergies in two businesses serving different customer bases but having similar operations.
Renovo leveraged its operating network to recruit an Operating Partner to work directly with the Founders to develop new markets and build out the leadership team in pursuit of aggressive growth. As a component of this strategy, Formation acquired the Inviting Company in 2012, expanding its product mix and customer reach.