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Private equity investor Banyan acquires Keystone Weaving
27
Aug '14
Home textiles and apparel fabrics producer Keystone Weaving, founded way back in 1930, after being 84 years in business, has been acquired by Miami based Banyan, a private investment firm and a majority shareholder of North Carolina-based Burlington Technologies.

Burlington Technologies has two divisions - Se7en, which provides yarn dyeing services to the apparel, military, medical and home furnishings market and BMS, which manufactures functional fabrics for corporate, healthcare, and hospitality sectors.

The deal includes the Keystone brand, business of, home textile fabrics and apparel fabrics, looms and allied textile-weaving machinery. Production of Keystone fabrics will be now transferred to Burlington headquarters in North Carolina.

Although the products manufactured by both serve the same markets, Se7en and Bentex mainly uses synthetic yarns to produce their fabrics, however, Keystone consumes natural fibre yarns such as cotton, linen and wool.

Se7en, Bentex and Keystone will remain as independent divisions and maintain the integrity of their product characteristics, Burlington Technologies said. Sales staffs and showrooms will also remain independent.

"The joining together of three excellent weavers is in perfect step with the 'on-shoring' process that is taking place in the home fabrics and furnishings arena," Banyan Chairman John Miller said in the release. "Our challenge is to take advantage of the opportunities awaiting us and our competitors."

Fibre2fashion News Desk - India

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