New shareholders take over The Lycra Company
A group of financial institutions has taken full equity control of fibre developer The Lycra Company. The new shareholders Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright.
Textile group Ruyi acquired The Lycra Company in January 2019 but following defaults on loans Ruyi took out at the time to pay for the deal, its backers initiated enforcement action, which has resulted in the finance companies taking full equity control of The Lycra Company.
A spokesperson for the new shareholders said The Lycra Company was in a strong financial position, had a solid foundation for long-term growth and that its “world-class management team” had the full support of the new owners.
Chief executive of The Lycra Company, Julien Born (pictured), said: “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”
