http://www.kpsfund.com/images/kpslogo.gif

 

Who We Are

Investment Strategy

Investment Criteria

Contact Us

KPS Website

 

 

http://www.kpsfund.com/newsandpressreleases/images/kpscapitalsmall.gif

http://www.kpsfund.com/newsandpressreleases/images/tombstone_side.gif


American & Efird Global

 

a KPS Capital Partners portfolio company

 

is pleased to announce the completion
of a recapitalization in the amount of approximately

 

$275,000,000

 

to refinance outstanding debt, to fund an $80 million cash distribution to stockholders and to support the Company’s continued growth

 

A&E is the largest U.S. manufacturer and the world’s second largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles for the apparel, automotive components, home furnishings, medical supply, footwear and diversified industrial markets marketed under the A&E and Gütermann brand names. A&E owns or operates 28 manufacturing facilities in 23 countries and employs over 9,000 associates around the world directly or in partnership with joint venture partners. A&E products are distributed in 50 countries and sold in over 100 countries. A&E is a recognized industry leader in environmental sustainability and corporate social responsibility, and operates its global facilities with the utmost regard for the safety and health of its associates employed worldwide. For more information, please visit www.amefird.com.

 

July 16, 2015

 

 


KPS CAPITAL PARTNERS, LP

A middle market private equity limited partnership focused on constructive investing in restructurings, turnarounds, and
other special situations.

485 LEXINGTON AVENUE, 31ST FLOOR
NEW YORK, NY 10017
TEL: 212.338.5100
FAX: 646.307.7100

WWW.KPSFUND.COM

 

http://www.kpsfund.com/email/spacer.gif



http://www.kpsfund.com/images/kpslogosm.gif

IMMEDIATE RELEASE

 

Business Inquiries:
KPS Capital Partners  212.338.5100

Media Relations:
Mark Semer 212.521.4800

 

KPS CAPITAL PARTNERS PORTFOLIO COMPANY
AMERICAN & EFIRD GLOBAL COMPLETES SUCCESSFUL RECAPITALIZATION

 

New York, NY (July 20, 2015) -- KPS Capital Partners, LP (“KPS”) announced today that its portfolio company American & Efird Global (“A&E” or the “Company”) has completed a successful recapitalization.  A&E raised approximately $275 million of financing, including a $65 million cash flow revolving credit facility and an approximately $210 million term loan.  The proceeds of the recapitalization were used to refinance outstanding debt, to fund an $80 million cash distribution to stockholders and to support the Company’s continued growth.

 

Following the recapitalization, A&E remains conservatively capitalized with the continued support of its controlling stockholder, KPS, a private equity firm with approximately $5.6 billion of assets under management. 

 

Fred Jackson, Chief Executive Officer of A&E, said, “A&E’s successful recapitalization validates the incredible transformation A&E has experienced under KPS ownership, and we are pleased to return capital to our stockholders.  The company’s momentum and trajectory are extraordinary.  Under KPS ownership, A&E has purchased Gütermann, one of the world’s leading manufacturers and distributors of premium, high-quality sewing thread products for consumer and industrial applications, as well as full control of several of the Company’s joint ventures located throughout Asia.  Our conservative capital structure and the financial support of our stockholders provide us with the resources to support the Company as it continues to successfully expand into adjacent geographies, products and end-markets, both organically and through acquisitions.  Following the recapitalization, A&E remains committed to providing the highest levels of product quality, environmental sustainability, technological innovation and customer service.  We thank our customers, suppliers and employees for their contributions to our success.” 

 

Financing for the recapitalization was provided by a group of lenders with Merrill Lynch, Pierce, Fenner & Smith Incorporated serving as Joint Left Lead Arranger and Bookrunner, and HSBC Bank USA, N.A., J.P. Morgan Securities LLC and PNC Capital Markets LLC acting as Joint Right Lead Arrangers and Joint Bookrunners.  

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to A&E with respect to the recapitalization.

 

About American & Efird Global

 

A&E is the largest U.S. manufacturer and the world’s second largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles for the apparel, automotive components, home furnishings, medical supply, footwear and diversified industrial markets marketed under the A&E and Gütermann brand names. A&E owns or operates 28 manufacturing facilities in 23 countries and employs over 9,000 associates around the world directly or in partnership with joint venture partners. A&E products are distributed in 50 countries and sold in over 100 countries. A&E is a recognized industry leader in environmental sustainability and corporate social responsibility, and operates its global facilities with the utmost regard for the safety and health of its associates employed worldwide. For more information, please visit www.amefird.com.

 

About KPS Capital Partners, LP

 

KPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.6 billion of assets under management.  KPS seeks to realize significant capital appreciation by making controlling equity investments in companies across a diverse range of manufacturing industries experiencing a period of transition or challenged by the need to effect immediate and significant change.  The KPS investment strategy is based primarily upon partnering with world-class management teams to effect material and sustainable improvements in the operations of its businesses.  Thereafter, KPS focuses on growing its businesses, both organically and through strategic acquisitions.  KPS portfolio companies have aggregate annual revenues of approximately $5.9 billion, operate 98 manufacturing facilities in 23 countries, and employ more than 42,000 associates, directly and through joint ventures worldwide.  The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

 

 

 

© Copyright 2015 KPS Capital Partners, LP