The buyout was funded by Polyester Fibers’ management team and financing was provided by JPMorgan Chase and Salem Investment Partners.
Polyester Fibers manufactures and distributes precision-engineered, nonwoven polyester materials for the filtration, furniture and bedding, automotive, craft and seasonal markets in North America, Europe and Asia.
The company’s Cumulus Fibres division has manufactured polyester media for the air filtration industry for more than 35 years, serving industrial, commercial and residential markets.
“Owning a company with high quality products and long standing customer relationships gives us a platform to unleash enormous potential,” said Keith White, president and 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.”