Lion Equity Partners has acquired Riegel Linen, a maker of textile products, from Mount Vernon Mills.
Riegel Linen is an importer, manufacturer, and supplier of tablecloths, napkins, sheets, towels, and bedding to the hospitality, linen supply, retail and healthcare sectors. The company’s products, sold under several brand names including Premier, Permalux, Riegel, DiRōNA, Beauti-Damask, and RieNu, are well known in the textile sector for quality and color retention and ability to endure the wear and tear of commercial laundering.
Riegel Linen was founded in 1838 and is headquartered in Aiken, SC, with a manufacturing facility in McCormick, SC.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s,” said Jim Levitas, co-founder and partner of Lion Equity. “The company has been on the leading edge of innovative textile product development for decades, which provides a strong foundation for future growth, both organically and through strategic add-on acquisitions.”
Bill Josey, the president of the consumer products division of Mount Vernon Mills – he has been with the company since 1984 – has been appointed Chief Executive Officer of Riegel Linen. “Mount Vernon Mills has been a great owner and remains a great American textile company. We are excited to partner with Lion Equity and embrace our entrepreneurial heritage, which will allow us to invest in new product development and expand into new markets,” said Mr. Josey.
Denver-based Lion Equity makes control investments in North American-based corporate carve-outs and special situations including businesses experiencing financial, operational or industry-driven challenges. Typical targets will have revenues between $20 million and $150 million and valuations from $5 million to $50 million. The firm invests across a wide range of sectors and is effectively industry agnostic.
Mount Vernon Mills, the seller of Riegel Linen, is a Mauldin, SC-based manufacturer of blue denim, textiles for home furnishings, yarn, uniform and work clothes, chemicals and other textile materials. The company is the third-largest US-based privately held textile company and has been owned by R.B. Pamplin Corporation since 1982.
© 2019 Private Equity Professional | October 31, 2019
