Daily News: August 1, 2014

JPMorgan Funds Polyester Fibers Management Buyout

Polyester Fibers announced that it completed a management-led buyout from its parent company, Empire Investment Holdings. The buyout was funded by Polyester Fibers’ management team and financing was provided by JPMorgan Chase.

“Owning a company with high quality products and long standing customer relationships gives us a platform to unleash enormous potential,” said Keith White, president & CEO of Polyester Fibers. “That potential will drive increased market share as we focus on continuous innovation and expansion of our line of quality products to better serve our customers’ needs.”

“Polyester Fibers is a great example of the kind of company we look for as investors, bringing a cohesive, experienced management team, strong client relationships and a solid track record of performance year-after-year,” said David Faris, partner, Salem Investment Partners. “Their industry experience puts them in a unique position to expand their customer base and accelerate growth in their key focus areas.”

Terms of the management buyout were not disclosed.

Conover, NC-based Polyester Fibers is a manufacturer and distributor of precision-engineered, nonwoven polyester materials for the filtration, furniture and bedding, automotive, craft and seasonal markets in North America, Europe and Asia.