Supplier Vita Nonwovens in High Point, N.C., has completed a management buyout of the business from Vitafoam Inc., a division of London-based Vita Group. The company manufactures textile and fiber products for use in the mattress and furniture industries, as well as those for hygiene, automotive, filtration and building applications.
Jason Johnson, executive vice president of operations, Cliff Lynch, executive vice president of finance, and Kevin Womble, executive vice president of sales and marketing, purchased the company with financial backing from private-equity firms Capital South Partners, Crutchfield Capital, Source Capital Mezzanine Fund and PNC Bank.
A news release did not disclose the value of the deal, which includes a 130,000-square-foot facility in High Point, as well as factories in Indiana and Texas that employ 150 people. Assets acquired included the Vita Nonwovens name.
“This deal represents a great opportunity for us,” Johnson says. “We have confidence in our team and our capital partners and we feel we are well-positioned for future growth.”
