Wilton sold to equity firm

A Chicago equity firm Wednesday acquired Woodridge-based Wilton Industries Inc. for roughly $700 million.

GTCR Golder Rauner LLC acquired Wilton and Reading, Penn.-based Dimensions Holdings LLC on Wednesday. Along with Pendleton, Ind.-based scrapping company EK Success, which it bought last year, the company paid about $1 billion for the trio to capture the arts & craft and baking industries, said GTCR partner Vincent Hemmer.

"We've expressed interest in Wilton for years because it's been a very attractive enterprise," said Hemmer. "But our talks started in earnest earlier this year. Wilton has had a good run and created a lot of value."

Founded in 1929, Wilton's core business includes cake decorating and bakeware equipment and supplies. It also has The Weston Gallery with upscale picture frames and Copco brand tea kettles.

This month, Wilton plans to launch an exclusive cookware line by Chef Rick Bayless, known for his PBS TV show and his Chicago restaurant, Frontera Grill.

"We don't expect any changes because we have already seen the line and signed off on it," said Bayless spokeswoman Jennifer Fite. "As for any other phases of the line in the future, that remains to be seen."

The newly combined companies will be named Wilton Products Inc. and be headquartered in Woodridge. No immediate changes are expected for the product lines or work force, Hemmer said.

Wilton CEO Vince Naccarato has left. The newly formed Wilton will be led by Wilton President and Chief Operating Officer Steven Fraser, who becomes the chairman and CEO. Fraser was unavailable for comment.