Levine Leichtman Capital Partners on Monday said it partnered with the management of craft clay maker Polyform Products Co. to acquire the company.

The Beverly Hills private equity firm said that Polyform, based in Elk Grove Village, Ill., makes polymer clay used by professionals and hobbyists for jewelry and other crafting projects. It is sold at retailers such as Michaels Stores, Wal-Mart and Jo-Ann Fabrics.

This is the fourth investment from a $225 million Levine Leichtman Capital Partners fund. Levine Leichtman also manages $6.5 billion of institutional investment money through private equity partnerships, distressed debt and leveraged loan funds.

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