Sun Capital Partners has sold its portfolio company Frontier Spinning Mills, a producer of spun yarns for the knitting and weaving industries, to American Securities.
Frontier Spinning Mills is one of the world’s largest producers of cotton and cotton/polyester blend yarns for the knitting and weaving industries. Yarn produced by Frontier is used in sportswear, undergarments, socks, sweaters, fleece, denim, and home furnishings. The company operates state-of-the-art manufacturing facilities in multiple states and employs 1,076 people. Frontier Spinning Mills is headquartered in Sanford, NC (www.frontierspinning.com).
Following the acquisition of Frontier by Sun Capital in March 2008, the management team was strengthened and the company’s operations were optimized through investments in capital equipment and training. “Frontier’s emergence as the second-largest cotton spinner in the US validates the success and progress the company has achieved under our ownership,” said Marc Leder, Co-CEO at Sun Capital. “We are confident the company is well-positioned for continued growth as a result of its increased plant capacity, streamlined manufacturing footprint, optimized productivity, and expanded product line.”
Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in-house operating professionals and experience. Sun Capital has invested in and managed more than 330 companies worldwide with combined sales in excess of $45 billion since the firm’s inception in 1995. The firm has offices in Boca Raton, Los Angeles, and New York as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen (www.SunCapPart.com).
American Securities invests in businesses with $500 million to $2 billion of revenues. Investments are undertaken with conservative financial structures that typically include only equity and senior debt. The firm aims to invest $150 million to $500 million of equity capital in each portfolio company. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $10 billion of capital under management and is currently investing from its sixth fund. American Securities has offices in New York and Shanghai (www.american-securities.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-20-13
