Industrial Opportunity Partners has acquired Vita Nonwovens, a maker of nonwoven products used in the bedding, automotive, building products and medical markets, from Capital South Partners and Crutchfield Capital. The purchase of Vita Nonwovens represents IOP’s sixth platform investment in Industrial Opportunity Partners II, LP.
Vita Nonwovens specializes in the engineering and manufacturing of durable nonwoven products. These products are frequently utilized in a range of engineered applications, including flame retardant barriers for furniture and bedding, thermal/acoustical insulation, automotive component manufacturing and medical applications. Nonwoven materials are made from long fibers, bonded together by chemical, mechanical, heat or solvent treatment. The term is used in the textile manufacturing industry to denote fabrics, such as felt, which are neither woven nor knitted. Vita operates out of three facilities: High Point, NC; Fort Wayne, IN; and Schertz, TX with a combined 339,000 square feet. The company has 180 employees and is headquartered in High Point, NC (www.vitanonwovens.com).
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. IOP targets businesses with strong product, customer, and market positions and provides management and operational resources to support sales growth and operational improvements. The firm has $460 million of committed capital and was founded in 2005. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
Vita Nonwovens’ current management team has co-invested with IOP and will remain in place, with Kevin Womble serving as President and Jason Johnson serving as Chief Operating Officer. IOP Operating Executive Phil Fioravante will serve as Chairman. Mr. Fioravante, who has experience operating companies providing engineered materials into similar end markets, is a full-time member of IOP’s team of operating executives who provide leadership to the businesses in which IOP invests.
“We are very excited to announce our newest IOP platform focused on the nonwoven materials industry. We believe Vita Nonwovens is well-positioned, with an excellent reputation based on its innovative, high-quality products. We look forward to supporting the company with further investment as the market for durable nonwoven applications continues to expand,” said Bob Vedra, Senior Managing Director of IOP.
Western Reserve Partners represented the sellers of Vita Nonwovens. PNC Business Credit and Patriot Capital provided financing for the acquisition. Winston & Strawn provided legal representation to IOP in the transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 11-12-14