Meriturn Partners to acquire Johnston Industries

By Staff -- Home Textiles Today, 10/8/2003 12:00:00 AM

Columbus, GA — Johnston Industries, which filed a voluntary Chapter 11 reorganization this past January, reported today that it has signed a letter of intent from Meriturn Partners for the purchase of a substantial portion of its assets.

"This offer would provide Johnston the ability to emerge from this process with a strong balance sheet and the financial resources to remain a leader in the technical textiles and decorative fabrics business," said Gene Cone, president and ceo.

In the coming weeks, Meriturn and other potential buyers will complete their due diligence. The bidding process should be completed in the next two months, the company said. Johnston is also soliciting bids for the fiber products division of its business, which is being sold in a separate sales process. Letters of intent have been received and a stalking horse will be named shortly, the company said.

Meriturn Partners LLC is located in San Francisco and Raleigh/Durham, NC, and is an advisor and investor for middle-market restructurings and turnarounds.