Cary Street Partners Announces Management Buyout of Vita Nonwovens
RICHMOND, VA – October 16, 2012– Cary Street Partners LLC announced today that V&W Acquisition, LLC, a company formed by the management of Vita Nonwovens, CapitalSouth Partners and Crutchfield Capital has acquired the U.S. nonwovens business of Vitafoam Inc., the U.S. based subsidiary of British Vita Unlimited, a portfolio company of TPG Capital. The Vita Group is a world class producer of cellular and industrial polymers, thermoplastic sheet and technical nonwovens for a variety of end markets. Cary Street Partners acted as financial advisor to the management team in the buyout, which included Jason Johnson, Executive VP of Operations, Kevin Womble, Executive VP of Sales & Marketing and Cliff Lynch, Executive VP of Finance. Terms of the transaction were not disclosed.
“We are thrilled to be partnering with the CapitalSouth team and the opportunities this acquisition provides us as we begin a new chapter in our company’s history,” says Jason Johnson. “We both share the common goal of continuing to build Vita Nonwovens as a leader in technical nonwovens products for a variety of applications and CapitalSouth’s expertise and resources will allow us to accomplish our goals,” added Cliff Lynch. Kevin Womble was quick to point out that customers will experience a seamless transition: “We have built a solid foundation and forged strong partnerships over the years which are critical for our future. We want to enhance our Customers’ experience and continue to find ways to bring value in support of their initiatives. Our new structure will allow us to achieve these objectives with an entrepreneurial flair.”
Vita Nonwovens, headquartered in High Point, N.C., is a leading manufacturer of flame retardant and high performance nonwoven textiles for a variety of end markets including mattresses, automotive, environmentally-safe insulation and health care. The Company specializes in highly engineered applications utilizing nonwoven thermal bonded and mechanically entangled technologies. Vita Nonwovens operates manufacturing facilities in North Carolina, Indiana and Texas and serves customers across the U.S. For additional information, please visit www.vitausa.com.
About CapitalSouth Partners
Headquartered in Charlotte, NC, CapitalSouth Partners provides equity and junior capital to lower middle-market companies for growth financings, management buyouts, control/leveraged buyouts, acquisitions and recapitalizations. Since its inception, CapitalSouth has closed over 80 transactions, representing over $2 billion in total transaction financings and currently manages over $700 million in several funds. CapitalSouth seeks to invest between $5 Million and $25 Million in companies that possess strong competitive advantages and have proven, successful management teams. CapitalSouth has invested across a broad array of industries including business services, healthcare, energy, industrial and consumer products and services.
About Cary Street Partners
Cary Street Partners provides objective investment banking and wealth management solutions to successful individuals, institutions and companies from its Southeastern base. The investment banking team provides a broad range of services including merger and acquisition advisory services, private placements of debt and equity capital, and strategic and financial advice to management teams and boards of directors of emerging growth and middle market public and private companies across a variety of industries. Cary Street Partners is the trade name used by two separate limited liability companies, Cary Street Partners Investment Advisory LLC, a registered investment advisor; and Cary Street Partners LLC, a registered broker-dealer and a member of FINRA and SIPC.
For more information about this transaction or Cary Street Partners’ investment banking group, please contact Joe Brower at (336) 275-8080 or Brett Bond at (704) 512-0156. Additional information about Cary Street Partners can be found at www.carystreetpartners.com