- Allen Smith and Roger Arciniega will lead QTI as CEO and non-executive chairman, respectively
- Lincoln International advised QTI on the transaction while Winston & Strawn was legal advisor to NEP
- BMO Capital Markets provided senior debt financing
Norwest Equity Partners has made an investment in QTI, a maker of highly technical fibers, fabrics and coatings for consumer, healthcare, and industrial applications. No financial terms were disclosed.
Prior to the investment, QTI was a portfolio company of Highlander Partners.
Founded in 1922, QTI is comprised of three market-leading brands, Twitchell Technical Products, Quantum Materials, and Infinity Woven Products, with products serving a diversified customer base that includes office furniture manufacturers, architectural products providers, outdoor living companies, marine and RV manufacturers, healthcare, and other industrial businesses. NEP’s investment capital will help further position QTI for significant product, customer, and end market expansion.
On the transaction, Tim DeVries, NEP Managing Partner, said in a statement, “We are thrilled to welcome QTI to our family of portfolio companies. QTI is poised for continued growth, and we look forward to working closely with the entire team to create long-term, sustainable value together.”
Moving forward, Allen Smith and Roger Arciniega, will lead QTI as CEO and non-executive chairman, respectively.
Most recently, Smith joined from a senior executive position at Elevate Textiles, a global fabric and sewing thread provider, and Arciniega served as CEO of Momentum Group, a former NEP portfolio company that provides commercial fabrics and wallcoverings.
Lincoln International advised QTI on the transaction while Winston & Strawn was legal advisor to NEP. BMO Capital Markets provided senior debt financing.