December 19, 2013
American Securities Completes Acquisition of Frontier Spinning Mills
American Securities LLC, a leading U.S. private equity firm, today announced that, in partnership with management, it has completed the acquisition of Frontier Spinning Mills Holding Corp., a leading producer of cotton yarn for the knitting and weaving industries, from an affiliate of Sun Capital Partners, Inc. Financial terms of the transaction were not disclosed.
Frontier is one of the largest U.S. based producers of cotton and cotton/polyester blend yarns for the knitting and weaving industries and holds market leading positions in open-end spinning. Offering a diverse product line to fulfill the demands of customers worldwide, yarn produced by Frontier is used in sportswear, undergarments, socks, sweaters, fleece, denim, and home furnishings. The Company operates five spinning facilities in North Carolina and Alabama with 1,076 employees.
“We are proud of the long-standing relationships that we have built with our customers, and continue to be focused on working with them to offer high quality and reliable product supply,” said John Bakane, Chief Executive Officer of Frontier. “We are excited about our new partnership with American Securities, which will further our ability to service our customers worldwide.”
“American Securities’ acquisition of Frontier is another example of our strategy of investing in unique, market-leading companies,” said Kevin S. Penn, Managing Director at American Securities. “Frontier has long-term relationships with blue chip clients that, when combined with strong, long-term demand for its products, make it an attractive investment for us. We look forward to working with the Company’s highly talented management team to expand Frontier’s capabilities to better serve its growing customer base.”
Kaye Scholer LLP served as legal counsel to American Securities, and Kirkland & Ellis LLP served as legal counsel to Frontier with respect to the transaction. Wells Fargo Securities, LLC acted as financial advisor to Frontier and the seller with respect to the transaction.