Home / Knowledge / News / Textiles / A&E to buy majority share of Vardhman Yarns & Threads
A&E to buy majority share of Vardhman Yarns & Threads
10
May '16
New York-based KPS Capital Partners, LP has announced that its portfolio company American & Efird (A&E) has signed definitive agreements to acquire majority ownership of Vardhman Yarns and Threads Limited from its joint venture partner, Vardhman Textiles Limited.

It did not mention the monetary terms of the deal.

Upon completion of the transaction, A&E will own 89 per cent of the joint venture and Vardhman Textiles will own the other 11 per cent, KPS Capital Partners said in a press release. The transaction has been approved by A&E and Vardhman Textiles, but remains subject to approval from the Competition Commission of India and other customary closing conditions.

A&E is the largest US manufacturer and the world's second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles.

Vardhman Yarns and Threads is India's second–largest manufacturer and distributor of premium quality industrial and consumer sewing thread. Vardhman Yarns and Threads generated revenue of approximately $110 million in FY2015-16, operates 5 manufacturing facilities, employs over 4,500 associates and sells some of the most-widely recognized industrial sewing thread brands in India.

Les Miller, Chief Executive Officer of A&E, said, "The acquisition of Vardhman Yarns and Threads accelerates A&E's continued global growth and diversification. Our long-standing blue-chip customer base, including leading global brands, multinational corporations and regional manufacturers, rely on A&E as a mission-critical supply chain partner.

“Vardhman Yarns and Threads' excellent reputation, world-class operations and leading position in the Indian market will enable A&E to more fully benefit from both fast-growing domestic demand for high-quality products in India and increasing international demand for exports from India. A&E will invest significant capital and resources into Vardhman Yarns and Threads to continue to ensure the highest levels of product quality, environmental sustainability, technological innovation and customer service.”

Michael Psaros, a Managing Partner of KPS, said, "Under KPS ownership, A&E has successfully completed five highly synergistic acquisitions that helped the Company strengthen its world-class strategic global manufacturing, distribution and service platform that provides the A&E with a unique competitive advantage. A&E will continue to aggressively expand into adjacent geographies, products and end-markets around the world. A&E's global reach, product diversity, world-class environmental sustainability practices, and conservative capital structure enable the Company to continue its momentum and success.”

A&E expects to complete the transaction in the summer of 2016. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search