PrimaLoft, a materials science company specialising in advanced branded technical products including insulation, fabric, and yarn for outdoor, fashion, and other industries, has completed a management-led transaction to recapitalise the business.
The new investor group is led by private equity firm Victor Capital Partners in partnership with the private equity group at Allstate.PrimaLoft management will continue to maintain a significant investment in the business.Financial terms of the transaction were not disclosed.
Founded in 1988 and headquartered in Latham, NY, PrimaLoft is a leader in research and development of high performance materials for leading outdoor and fashion brands, as well as work wear, hunting, home furnishings and military applications.Originally developed in the 1980s for the US army as a water-resistant, synthetic alternative to down insulation, PrimaLoft is today recognised as a leading consumer ingredient brand.With a focus on innovation, the Company has expanded its product line into a broad array of comfort solutions that are recognised by consumers and brand partners for being lightweight, warm, water-resistant, comfortable, soft, breathable, durable, eco-friendly, and animal-friendly. The Company was previously owned by Prudential Capital Group.
“We are delighted to be partnering with Mike Joyce and the talented team at PrimaLoft and bringing our experience working with valuable consumer brands to the Company,” says Douglas Korn, managing partner of Victor Capital. “The strong and growing reputation of the PrimaLoft brand and the Company’s history of leadership in developing innovative technologies offer an exciting platform for continued growth.We look forward to helping the management team propel the Company to new levels of success.”
“This is an incredible opportunity to enhance the future of PrimaLoft,” says Mike Joyce, president and chief executive officer of PrimaLoft.“In recent years, we have enjoyed significant growth and further established PrimaLoft as a leading consumer ingredient brand that partners with many of the best outdoor, fashion, and home furnishings companies in the world.Our new partnership with Victor Capital will provide the capital, commitment and operating support to drive our technological innovation and market development to new levels.”
“We would like to thank Prudential Capital Group for the tremendous support they have provided the Company over the past five years,” says Joyce.“They have been an exceptional partner and a great steward of the business, helping to drive the strategies that have underpinned our growth and position us well for the future.”
Financing for the transaction was provided by Madison Capital Funding, Antares Capital, and Intermediate Capital Group (ICG).
