PrimaLoft, a materials science company specialising in advanced branded technical products including insulation, fabric, and yarn for outdoor, fashion, and other industries, has announced the completion of a management-led transaction to recapitalise 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.
“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. 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.”