PrimaLoft and Prudential Capital Group Complete Acquisition
Home Textiles Today Staff -- Home Textiles Today, 7/9/2012 2:00:00 AM
ALBANY, N.Y. - The management buyout of PrimaLoft from Albany International Corp. with support from Prudential Capital Group has been completed. Terms were not disclosed.
The transaction was led by Michael Joyce, former president of Albany International Corp.'s Applied Technology Group, and the PrimaLoft senior management team.
"Today is an exciting day for the PrimaLoft brand," said Joyce, now president and ceo of PrimaLoft Inc. "Over the last 20 years, PrimaLoft has grown to become the world leader in performance insulations and yarns. We've had an incredibly rich history with Albany International Corp, and now we look to the future and focus our efforts on unlimited opportunities to reinvest in the brand to drive innovation, grow brand awareness, elevate our partnerships and exceed the expectations of our world renowned customers."
Prudential Capital Partners principal Paul Meiring said the firm will work with PrimaLoft on long-term growth for the brand.
The global PrimaLoft team will remain in place and offices will remain headquartered in Albany, New York; with European office locations in Ballo, Italy and Munich, Germany.
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