|By Business Wire||
|March 13, 2014 07:00 PM EDT||
CRYPTON INC. has acquired NANOTEX®, announced Randy Rubin, Chairman of The Crypton Companies. The privately held, 20-year-old Crypton Fabrics, based in Bloomfield Hills, Michigan, early this year purchased NANOTEX from private equity and venture capital investors; WL Ross and Co. LLC as major stockholders, in addition to Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management.
NANOTEX is a textile technology company whose performance finishes have enhanced leading consumer brands such as GAP, TARGET, MAIDENFORM, BASS PRO SHOPS, NORDSTROM, LAND’S END, FISHER-PRICE and many more.
NANOTEX employs a proprietary nanotechnology approach to enhance textiles at the molecular level that provides permanent performance attributes such as stain and water resistance, moisture wicking, odor control, static elimination and wrinkle free properties. The end result is performance fabrics that maintain the original comfort, look and feel of the fabric and perform for the life of the product.
In 2013, NANOTEX technologies were on $280 million in branded finished products at retail worldwide.
Wilbur Ross, Jr., Chairman of WL Ross said, “We are extremely pleased by Crypton’s acquisition. This assures that NANOTEX will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross’s companies in the consumer and industrial fabrics industries, too; the goal that sparked our initial investment interest in NANOTEX eight years ago.”
“This is a strategic acquisition as we extend our market share with apparel throughout the world. The intellectual properties and latest development, Aquapel®, a non-fluorinated repellency treatment, is very exciting to our research team,” said Rubin.
When Crypton entered the contract market in 1993, it provided an alternative to vinyl, which had been the go-to product for heavily used upholstered furniture. In revolutionizing performance textiles, Crypton opened the doors for new design opportunities to an entire industry.
A master branding company, Crypton has enjoyed an unparalleled branding trajectory in the interior design community, achieving more than 90 percent brand awareness of their products in the first seven years of business. Today, they are known for their strategic and innovative new product developments, branding techniques and strategies.
“The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies,” added Rubin. “We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace,” she added.
NANOTEX will now be headquartered at The Crypton Companies in Bloomfield Hills, Michigan but will maintain sales operations in the US, Asia, India and Europe. In addition, the company will keep distribution centers in Hong Kong, Belgium, Mainland China, and the U.S. The technical transfer capabilities, provided from China and India, will be on-going ensuring the continuity and expansion of the company’s global footprint.
The Crypton Companies have provided patented, environmentally friendly, textile performance solutions since 1993. During that time, the cornerstone product of the business, CRYPTON Super Fabric, revolutionized the use of fabrics in the healthcare, hospitality, government, education and contract segments. More than 100 million yards of Crypton fabrics are installed in commercial and residential applications worldwide, providing unparalleled stain, moisture and anti microbial resistance. For more information on Crypton products, visit www.cryptonfabric.com. For more information about The Crypton Companies NANOTEX products, visit www.nanotex.com.
About WL Ross & Co.
WL Ross & Co. LLC, founded by Wilbur L. Ross, Jr. in 2000, is a well-known private equity firm with approximately $9 billion of funds under management. The firm has sponsored and managed private equity investments in a number of sectors including financial services, steel, energy, textiles, shipping, automotive components and other industries.
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