PrimaLoft, a maker of high-performance insulations and yarns, has been acquired by Victor Capital Partners and the private equity group of The Allstate Corporation in partnership with the company’s management team.
PrimaLoft is a manufacturer of performance insulations, fabrics and yarns that are used in a wide variety of outdoor and fashion brands, home furnishings, work wear, hunting and military applications. The company is headquartered near Albany in Latham, NY and has offices in Munich, Germany and Xiamen, China (www.PrimaLoft.com).
In 1983 the US Army approached PrimaLoft’s former parent company Albany International to develop a water resistant synthetic alternative to goose down for use in military sleeping bags and clothing systems. In May 1986 a patent for “synthetic down” was awarded to Albany International and in 1988 PrimaLoft was launched as a subsidiary of Albany International to commercialize the technology. In 1989 the first commercially available PrimaLoft insulated garment was manufactured by L.L.Bean.
Prudential Capital Group purchased PrimaLoft in May 2012 from Albany International. Mike Joyce, former President of Albany International’s Applied Technology Group and the PrimaLoft senior management team partnered with Prudential on this transaction.
“This is an incredible opportunity to enhance the future of PrimaLoft,” said Mike Joyce, President and CEO of PrimaLoft. “In recent years, we have enjoyed significant growth and further established PrimaLoft as a leading consumer ingredient brand that partners with many of the best outdoor, fashion, and home furnishings companies in the world. Our new partnership with Victor Capital and Allstate will provide the capital, commitment and operating support to drive our technological innovation and market development to new levels.”
“We are delighted to be partnering with Mike Joyce and the talented team at PrimaLoft and bringing our experience working with valuable consumer brands to the company,” said Douglas Korn, Managing Partner of Victor Capital. “The strong and growing reputation of the PrimaLoft brand and the company’s history of leadership in developing innovative technologies offer an exciting platform for continued growth. We look forward to helping the management team propel the company to new levels of success.”
Victor Capital Partners invests from $20 million to $100 million in middle-market companies that have EBITDA from $10 million to $100 million and are active in industrial manufacturing and technology, industrial and business services, and specialty consumer products and services. The firm was founded in September 2015 by Douglas Korn and is headquartered in New York (www.victorcapitalpartners.com).
Allstate’s private equity group, part of The Allstate Corporation (NYSE: ALL), currently manages more than $6 billion of invested capital that is invested in both direct transactions and private equity funds. The group has offices in Chicago, London, and Hong Kong (click HERE for the group’s website).
Prudential Capital Group (PCG) is the private equity investment arm of publicly-traded Prudential Financial (NYSE: PRU). The group offers senior debt and junior capital, leveraged leases, and equipment financing to companies and projects worldwide. PCG has offices in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney (www.prudentialcapitalgroup.com).
Financing for the buy of PrimaLoft by Victor Capital and Allstate was provided by Madison Capital Funding (www.mcfllc.com), Antares Capital (www.antares.com), and Intermediate Capital Group (www.icgam.com).
© 2017 Private Equity Professional | October 12, 2017
