Cerberus and TCW made an investment in Sanford, North Carolina-based Frontier Spinning, a producer of cotton and cotton/polyester blend yarns for the knitting and weaving industries. No financial terms were disclosed.
SANFORD, N.C., May 2, 2019 /PRNewswire/ — Frontier Spinning Mills, Inc. (“Frontier Spinning” or the “Company”) today announced that it has received a substantial capital investment from two leading investment management firms. Affiliates of Cerberus Business Finance, LLC (“Cerberus”) and TCW Asset Management Company LLC (“TCW”) are providing new capital and operating expertise to support Frontier Spinning and help drive the Company’s future growth.
Founded in 1996, Frontier Spinning is one of the largest U.S.-based producers of cotton and cotton/polyester blend yarns for the knitting and weaving industries and holds market-leading positions in open-end and air-jet spinning. Offering a diverse product line to fulfill the demands of customers worldwide, the yarn produced by Frontier Spinning is used in sportswear, undergarments, socks, sweaters, fleece, denim, and home furnishings. The Company operates five state-of-the-art manufacturing facilities in North Carolina and Alabama and employs approximately 1,200 team members. It will continue to be led by Robin Perkins, Frontier Spinning Chief Executive Officer, and the rest of the current management team, as it looks to expand its leading market position in partnership with Cerberus and TCW.
“We are proud of the long-standing relationships we have with our customers and the ability to offer them a high-quality, reliable product supply,” said Mr. Perkins. “We are excited to begin our Company’s next phase of growth with partners that not only bring exceptional financial acumen, but also substantial industry and operating expertise.”
Joseph Naccarato, Chief Operating Officer of Cerberus Business Finance and Senior Managing Director of Cerberus, commented, “Over the past two decades, Frontier Spinning has become an industry-leading business, supported by a portfolio of high-quality products and strong customer relationships. In partnership with the talented team at Frontier Spinning, we look forward to helping the Company capitalize on strategic opportunities, while continuing to deliver for their customers every day.”
About Frontier Spinning
Frontier Spinning Mills, Inc. is one of the largest producers of spun yarns for the knitting and weaving industries in the world. Since its inception in 1996, the Company has grown into one of the largest producers of 100% cotton and cotton-blend yarns in the world, offering a diverse product line to fulfill the needs of customers worldwide. Headquartered in Sanford, North Carolina, Frontier Spinning operates state-of-the-art manufacturing facilities in multiple states and employs approximately 1,200 people.
Founded in 1992, Cerberus is a global leader in alternative investing with approximately $39 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.