The textile technology company,NANO-TEX, that has worked with consumer brands including the Gap, Target, Maidenform, Bass Pro Shops, Nordstrom, Land's End and Fisher-Price,has been taken over by CRYTON Inc.
NANO-TEX 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.
Wilbur Ross, Jr., Chairman of private equity firm WL Ross, comments on this acquisition saying that they are extremely pleased by Cryptonâ€™s acquisition. This assures that NANO-TEX will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Rossâ€™s companies in the consumer and industrial fabrics industries, too; the goal that sparked our initial investment interest in NANO-TEX eight years ago.
According to the company , Nano-Tex technologies were used on $280 million in branded finished products at retail worldwide.
Nano-Tex will be headquartered at The Crypton Cos. in Bloomfield Hills, but will maintain sales operations in the U.S., 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 ongoing, ensuring the continuity and expansion of the company's global footprint, officials said.
This merger of a textile technology company that employs 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 and Crypton Inc. is a commendable achievement.
Randy Rubin, chairman of Crypton Cos., said that the privately held, 20-year-old Crypton Fabrics purchased Nano-Tex from private equity and venture capital investors including 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.
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.
The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies. We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace.
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