LATHAM, N.Y., Oct. 10, 2017 /PRNewswire/ -- PrimaLoft, Inc. ("PrimaLoft" or "the Company"), a materials science company specializing in advanced branded technical products including insulation, fabric, and yarn for outdoor, fashion, and other industries, today announced the completion of a management-led transaction to recapitalize the business and to help the rapidly growing company invest in innovative technologies to meet growing consumer demand. 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 U.S. army as a water-resistant, synthetic alternative to down insulation, PrimaLoft® is today recognized 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 recognized 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.
"This is an incredible opportunity to enhance the future of PrimaLoft," said 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," said 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."
"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," said 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."
About Victor Capital Partners
Victor Capital Partners is a middle-market private equity firm that invests in branded businesses with compelling growth potential in the industrial and consumer sectors. Victor Capital's focus areas include industrial manufacturing and technology, industrial and business services, and specialty consumer products and services. Victor Capital seeks to use its capital and resources to partner with companies that have valuable brands, solid foundations in technology, potential for add-on acquisitions, and attractive business and market trends and characteristics. The firm was founded in late 2015 by Douglas R. Korn, a private equity veteran who has been partnering with strong management teams to help build great companies since the late 1980s. For more information on Victor Capital, please visit www.victorcapitalpartners.com.
The Allstate Corporation is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties. Allstate's Investments team manages over $80 billion of the Allstate companies' investments and has decades of experience pursuing strategies in a broad array of asset classes and geographies in both the public and private markets. Allstate's private equity group currently manages more than $6 billion of invested capital deployed in both direct transactions and funds from offices in Chicago, London, and Hong Kong. For more information on the private equity team's focus, please visit www.allstateinvestments.com/private-equity.html.
About Prudential Capital Group
Prudential Capital Group has been a leading provider of private capital to companies for more than 75 years. Managing a portfolio of nearly $80 billion as of June 30, 2017, Prudential Capital offers senior debt and junior capital, leveraged leases, and equipment financing to companies and projects worldwide. The global office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, N.J., New York, Paris, San Francisco and Sydney.* More information is available at prudentialcapitalgroup.com.
*The Sydney office operates through PGIM (Australia) Pty Ltd.
About PrimaLoft, Inc.
PrimaLoft, Inc., a materials science company based in Latham, New York with offices in Munich, Germany and Xiamen, China, is the world leader in research and innovative development of comfort solutions with high performance insulations, fabrics and yarns. The PrimaLoft® brand, a registered trademark of PrimaLoft, Inc., delivers feel-good products that are used in the top global outdoor and fashion brands, home furnishings, work wear, hunting and military applications. PrimaLoft® insulation was originally developed for the U.S. army as a water-resistant, synthetic alternative to down. Today, the brand is recognized as a benchmark in the outdoor industry for providing unsurpassed comfort in any condition, ultimately empowering users to stay in the moment. PrimaLoft, Inc. is active in sustainable textile production through partnerships with the bluesign® system, the International OEKO-TEX® Association and the Sustainable Apparel Coalition's Higg Index. For more information, please visit www.PrimaLoft.com, and follow PrimaLoft on Facebook, Twitter and Instagram.
SOURCE PrimaLoft, Inc.