Sun Capital Partners has sold its stake in Frontier Spinning Mills to American Securities. No financial terms were disclosed. Based in Sanford, North Carolina, Frontier is a producer of spun yarns for the knitting and weaving sectors.
BOCA RATON, FL – December 19, 2013 – Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced the sale by an affiliate of its investment in Frontier Spinning Mills (“Frontier” or the “Company”), one of the largest producers of spun yarns for the knitting and weaving industries in the world, to American Securities LLC. Terms of the private transaction were not disclosed.
Headquartered in Sanford, North Carolina, Frontier offers a diverse product line to fulfill demands of customers worldwide, with market-leading positions in open-end and air jet spinning technologies. Yarn produced by Frontier is used in the production of 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.
Following the acquisition of Frontier by an affiliate of Sun Capital, the management team was strengthened and the Company’s operations were optimized, resulting in production efficiencies and capacity expansion. In addition, Frontier made substantial investments in capital equipment and training to further modernize and broaden its operations and product set through the implementation of leading-edge technologies.
“Frontier’s emergence as the second-largest cotton spinner in the U.S. 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 has experience in the textiles and industrial fabrics sector through current affiliated portfolio companies, including Performance Fibers, a leading global supplier of high-tenacity polyester fibers and fabrics, Nylon-6, engineered fabrics, sewing thread fibers and advanced materials.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in private equity investing, uniquely combining the financial skills and resources of a traditional private equity firm with the insight and expertise of a world class operating team. The firm focuses on market-leading companies that can benefit from its in-house professionals, resources, and expertise in their efforts to materially improve operating performance. Sun Capital affiliates have invested in more than 330 companies worldwide with combined sales in excess of $45 billion since its inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. For more information, visit www.SunCapPart.com