CHICAGO - Continental Illinois Venture Corp., a subsidiary of Continental Bank of Chicago, said it has sold its interest in Intercraft Industries to Newell Co. of Freeport, Ill., the world's largest manufacturer of picture frames.
Sellers of Intercraft interests also included the Spertus family, Intercraft senior management, and other investors. Terms were not disclosed.
Continental Bank provided the original loan nearly 60 years ago when Intercraft was founded by the Spertus family in Chicago. The company has grown to $150 million in annual revenue.
In April 1990, Continental's venture unit provided equity capital and financial expertise to facilitate the purchase of Intercraft from Spertus family members who wished to sell their shares.