Vita Nonwovens Successfully Completes Management Buyout
HIGH POINT, N.C., Oct. 10, 2012 /PRNewswire/ -- The management team of Vita Nonwovens has successfully completed a management buyout of the business from Vitafoam, Inc., a division of UK parent company The Vita Group, Ltd. Through the advice of Cary Street Partners, LLC, the management team partnered with Charlotte based private equity firms Capital South Partners and Crutchfield Capital combined with Source Capital Mezzanine Fund and PNC bank to complete the transaction August 31, 2012. Vita Nonwovens is a producer of high quality nonwoven fiber materials for use in bedding, furniture, hygiene, automotive, filtration, and building products.
Jason Johnson, the company's Executive VP of Operations said: "This deal represents a great opportunity for us. We have confidence in our team and our capital partners, and we feel we are well-positioned for future growth." Kevin Womble, Executive VP of Sales & Marketing 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."
CapitalSouth Partners provides private equity and mezzanine capital to lower middle-market companies. Since its inception, CapitalSouth has closed over 80 transactions, representing over $2 billion in total transaction financings. With over $700 Million under management through multiple committed funds, CapitalSouth actively seeks to invest in lower middle-market companies located primarily in the South, but also throughout the U.S.
Founded in 1999, Crutchfield Capital is a closely held private investment and operating firm headquartered in Charlotte, North Carolina. The firm, which operates and invests in small to mid-size companies in the southeastern United States, seeks to establish partnerships with strong management teams and others interested in value creation and rewarding careers.
SOURCE Vita Nonwovens LLC