Lion Equity Partners, a private equity firm specialising in acquiring corporate carve-outs, has announced that its affiliate, Lion Equity Holdings II, has acquired Riegel Linen from Mount Vernon Mills. Riegel Linen develops tablecloths, napkins, sheets, towels, bedding, and other linens for restaurants, linen suppliers, retailers, and healthcare centres.
Riegel is headquartered in Aiken, SC, and operates a manufacturing facility in McCormick, SC and a network of salespeople and warehouses strategically located across the US, Lion Equity said in a press release.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s. The company has been on the leading edge of innovative textile product development for decades, which provides a strong foundation for future growth, both organically and through strategic add-on acquisitions,” Jim Levitas, co-founder and partner of Lion Equity said.
“Mount Vernon Mills has been a great owner and remains a great American textile company. We are excited to partner with Lion Equity and embrace our entrepreneurial heritage, which will allow us to invest in new product development and expand into new markets,” Bill Josey, CEO of Riegel Linen said.
“Our customers will continue to enjoy working with the same great people on our team and getting the quality products and service that has made Riegel an industry leader,” VP of sales and marketing of Riegel, Chris Gowdy said.
Source:Fibre2Fashion News Desk (GK)