KPS Capital Partners has announced that it has signed a definitive agreement, through an affiliate, to sell its portfolio company American & Efird (A&E) to Platinum Equity Capital Partners.
A&E is a U.S. manufacturer and global distributor of industrial and consumer sewing thread, embroidery thread and technical textiles for the apparel, automotive components, home furnishings, medical supply, footwear and diversified industrial end-markets.
Within KPS’ strategy, A&E acquired majority control of four former joint ventures in Sri Lanka, Bangladesh, China and India, and also acquired Gütermann GmbH.
KPS management recognized the vision and passion of Les Miller, A&E’s chief executive officer. “We also thank A&E’s former joint venture partners Brandix Lanka Limited, Brandot International Ltd., Ningbo Veken Elite Group Co., Ltd. and, especially, Vardhman Textiles Limited for their valuable contributions to A&E’s long-term success,” said Michael Psaros, a managing partner of KPS.
“We are grateful to KPS for providing our team with expertise, capital and the resources needed to acquire and integrate five acquisitions, and for creating a lasting culture of innovation and continuous improvement. We are confident in our growth trajectory, and will continue to provide our customers with the highest levels of product quality, innovation and customer service,” Les Miller said.
Through its global network, A&E’s products are manufactured in 21 countries, distributed in 50 countries and sold in over 100 countries. A&E is a recognized industry leader in environmental sustainability and corporate social responsibility.
Completion of the transaction, which is expected in the second quarter of 2018, is subject to customary closing conditions.