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PrimaLoft, Inc. and Prudential Capital Group announce purchase of PrimaLoft® from Albany International Corp.
ALBANY, New York – (May 2, 2012) -- PrimaLoft, Inc., today announced that it had executed an agreement to purchase the PrimaLoft® products business from parent Albany International Corp. PrimaLoft® is the world leader in high performance insulations and yarns used in leading outdoor and fashion brands, home furnishings, work wear and military applications.
The purchase of PrimaLoft® is being led by Michael Joyce, former President of Albany International Corp.’s Applied Technology Group, and the PrimaLoft® senior management team. The purchase of the PrimaLoft® business is supported by Prudential Capital Group, which has had a 20-year relationship with Albany International Corp. Prudential Capital Partners, sponsored by Prudential Capital Group, has provided the financing.
“This is an incredible opportunity for the future of PrimaLoft® and I am excited to again work with PrimaLoft® and the management team,” stated Michael Joyce, who will become president and chief executive officer of PrimaLoft, Inc. “PrimaLoft® has grown to become the world leader in performance insulations and yarns. This move will enable PrimaLoft® to continue to grow by making the necessary investments in the brand to maintain its leadership position in the marketplace.”
“The transition for our business will be seamless. Our commitment to PrimaLoft’s customers and vendors is stronger than ever,” stated Joe Rumiesz, vice president and general manager, PrimaLoft®. “Long term, our brand partners will benefit from streamlined and improved customer service, accelerated development of new and highly innovative products and further strengthening of the PrimaLoft® brand.”
“We’ve known PrimaLoft® for 20 years and the business has experienced tremendous growth,” said Paul Meiring, principal, Prudential Capital Partners. “Over the past six months we have worked extensively with Michael Joyce and the rest of the management team and we’re really pleased to partner with this group. This company has solid business fundamentals and a strong management team that will drive growth.”
The entire global PrimaLoft® team will remain in place and offices will remain headquartered in Albany, New York; with European office locations in Ballo, Italy and Munich, Germany.
About Prudential Capital Group:
Prudential Capital Group, an investment business of Prudential Financial, Inc. (NYSE:PRU), has been a leading provider of corporate and project finance to companies worldwide for more than 70 years. Managing a portfolio of $60 billion as of March 31, 2012, Prudential Capital Group offers senior debt and mezzanine capital, leverage leases, credit tenant leases, and equipment finance to companies, worldwide. Mezzanine and private equity financing is provided by Prudential Capital Partners. The global regional office network for Prudential Capital has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Minneapolis, Newark, N.J., New York, Paris and San Francisco. For more information, please visit www.prudentialcapitalgroup.com.
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