Polyester Fibers LLC, a supplier of nonwoven polyester materials for filtration, furniture, bedding, automotive, industrial and retail, based in Conover, North Carolina, has completed a management-led buyout from its parent company Empire Investment Holdings.
A former subsidiary of industry supplier Leggett & Platt, Polyester Fibers is a 46-year-old global supplier of high-loft polyester materials. The company operates nine manufacturing and distribution facilities across five operating units—Buffalo Batt, Cameo Fibers, Cumulus Fibres, Mountain Mist and Tupelo Fibers.
The buyout was funded by Polyester Fibers’ management team and financed by JPMorgan Chase & Co. and Salem Investment Partners, a news release said. Details of the financing and terms of the buyout were not disclosed.
“Owning a company with high-quality products and long-standing customer relationships gives us a platform to unleash enormous potential,” said Keith White, Polyester Fibers president and chief executive officer. “That potential will drive increased market share as we focus on continuous innovation and expansion of our line of quality products to better serve our customers’ needs.”
David Faris, a partner at Salem Investment, added, “Polyester Fibers is a great example of the kind of company we look for as investors, bringing a cohesive, experienced management team, strong client relationships and a solid track record of performance year after year. Their industry experience puts them in a unique position to expand their customer base and accelerate growth in their key focus areas.”