LOS ANGELES, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Platinum Equity announced today that it has signed a definitive agreement to acquire American & Efrid (A&E) from KPS Capital Partners. Financial terms were not disclosed. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2018.
Headquartered in Mt. Holly, North Carolina, A&E is the largest U.S. manufacturer and the world’s second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles. A&E thread is used by producers of apparel, automotive components, home furnishings, medical supplies, footwear and certain industrial products.
“A&E is a well respected global supplier with exceptional technology, dedicated employees and the best products in the industry,” said Platinum Equity Partner Jacob Kotzubei. “The company has established a diverse footprint with global reach, strong brands, and a proven track record of profitable growth. We look forward to partnering with management to help the business continue growing organically and through the pursuit of M&A opportunities in markets around the world.”
A&E CEO Les Miller said he believes Platinum Equity and A&E are a great fit.
“This is exciting news for our company and our customers,” said Mr. Miller. “Platinum Equity’s financial support, M&A capabilities, textile experience and global operational expertise will help accelerate our next phase of growth and expansion.”
Kirkland & Ellis is serving as legal counsel to Platinum Equity on the A&E transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions.
About American & Efird
A&E is the largest U.S. manufacturer and the world’s second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles. Producers of apparel, automotive components, home furnishings, medical supplies, footwear and a diverse range of industrial products rely on A&E industrial sewing thread to manufacture their products. Customers select A&E as the preferred choice for industrial sewing thread, embroidery thread and technical textiles because of A&E’s dedication to providing its customers with the finest products and services, at the highest quality, delivered globally. Through its global network, A&E’s products are manufactured in 21 countries, distributed in 50 countries and sold in over 100 countries. In addition to A&E’s steadfast commitment to superior quality and customer service, A&E is a recognized industry leader in environmental sustainability and corporate social responsibility, and operates its global facilities with the utmost regard for the safety and health of its associates employed worldwide. A&E owns or operates 27 manufacturing facilities and employs over 10,000 associates around the world directly or in partnership with joint venture partners.
Contacts: Dan Whelan, Platinum Equity (310) 282-9202 email@example.com
Source: Platinum Equity