Duvaltex acquires True Textiles manufacturer of high performance fabrics

Duvaltex Inc., a Québec City, Canada-based holding company which owns Victor Textiles Inc., a leading North American based textile company specializes in sustainable and innovative textile has acquired True Textiles Inc., a leading textile mill that provides high performance fabrics to a variety of markets. The acquisition includes all of the True Textiles business units—True, Guilford of Maine and Teknit—and as a result, Duvaltex becomes the largest manufacturer of commercial or contract interior fabrics in the U.S. and Canada.

The acquisition will provide significant value to the customers of both Victor Textiles (currently owned by Duvaltex) and True Textiles, which will continue to operate as independent business units.

SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to True Textiles, Inc. (“True Textiles” or the “Company”) in the sale of all of its outstanding stock to Duvaltex, Inc. (“Duvaltex”). The transaction closed in February 2016.

True Textiles, Inc. is a leading designer and manufacturer of proprietary, custom and open line contract textiles. With roots tracing back over 150 years, the Company has one of the most recognized names in the industry and is one of the few U.S. mills that is vertically integrated and capable of internally designing and producing its yarns and fabrics from start to finish.

The Company is a market leader in the sale of innovative fabrics for the office market and also has established a presence in the healthcare, education, hospitality, congregational and other high-traffic institutional environments.

Products include aesthetically beautiful, high performing textiles for vertical surfaces such as office systems furniture, acoustic wall panels, cubicle/privacy curtains, wall coverings and upholstery seating as well as other specialty applications.

The Company goes to market under three brands: True Textiles, Guilford of Maine and Teknit. True Textiles is headquartered in Grand Rapids, MI and also has operations in Guilford, ME; Elkin, NC and New York, NY.

Alain Duval, president of Duvaltex Inc. stated that this acquisition brings together two of the industry’s most established and successful companies, recognized for their dedication to innovative product design and commitment to sustainability.