Elevate's new owners will free money for investments
US textiles group Elevate Textiles has announced a change of ownership and “comprehensive recapitalisation” through which its lenders will take control from current owner Platinum Equity.
Platinum bought International Textile Group via a public-to-private transaction in 2016, added American & Efird in 2018 and rebranded as Elevate Textiles in 2019.
Elevate will be owned by a consortium of investment firms, which will appoint a new board of directors.
The recapitalisation will infuse $100 million of new capital into the business and eliminate $394 million of debt from the balance sheet.
Elevate said it will be able to increase investments in its people, operations and growth, and it does not expect staff or operations to be affected.
Sim Skinner, CEO of Elevate, said: “We are pleased with the outcome of this recapitalisation process which provides an improved balance sheet and reduced leverage to align with the strength and capabilities of our business and brands. We appreciate the support of our financial stakeholders who have demonstrated their confidence in Elevate, our business plan, and our future.
“We look forward to directing our focus on delivering the high-quality service and premium products our customers have come to trust and depend on.”
Elevate’s new shareholders added: “Elevate’s leadership team, skilled employees, high-quality products and loyal customers make us confident that the company will have continued success. We are excited to be part of the company’s future and look forward to supporting and partnering with Elevate as an industry leader for years to come.”
Elevate Textiles owns American & Efird, Burlington, Cone Denim, Gütermann and Safety Components.
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