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KPS Capital Partners, LP


is pleased to announce the formation of

 

A&E Global

 

which has acquired

 

American & Efird LLC

    

        

 

from Ruddick Corporation

 

 

November 7, 2011

 

 


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

© Copyright 2011 KPS Capital Partners, LP

 

 

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IMMEDIATE RELEASE

Business Inquiries:
KPS      212.338.5100

Media Relations:
Mark Semer/Andrea Calise  212.521.4800


KPS CAPITAL PARTNERS AGREES TO ACQUIRE AMERICAN & EFIRD LLC
FROM RUDDICK CORPORATION



New York, NY (October 27, 2011) -- KPS Capital Partners, LP ("KPS") announced today that it has entered into definitive agreements to acquire American & Efird LLC (“A&E” or the definitive agreements to acquire American & Efird LLC (“A&E” or the “Company”) from Ruddick Corporation (NYSE: RDK) (“Ruddick”) through a newly-formed affiliate, A&E Global, for $180.0 million, subject to certain post-closing adjustments.   


A&E, headquartered in Mt. Holly, North Carolina, is the largest U.S. manufacturer and the world's second-largest manufacturer and distributor of premium quality industrial sewing thread, embroidery thread and technical textiles. A&E thread is used by producers of apparel, automotive components, home furnishings, medical supplies, footwear and certain industrial products.  A&E owns or operates 23 plants and employs 11,000 associates around the world directly or in partnership with joint venture partners.


Michael Psaros, a KPS Managing Partner, said, “We are excited to create a new, independent A&E Global.  Rarely have we seen a North American enterprise so successfully globalize by capitalizing on its numerous competitive advantages and following its customers abroad, while still retaining its core values. The Company is ideally positioned to benefit from the growth of the world’s fastest growing markets. A&E’s exceptional high-quality product offering, superior customer service, global footprint, operational and technical expertise and customer base, together with financial resources provided by KPS, will accelerate A&E's success and growth in the global marketplace.” 


Fred Jackson, Chief Executive Officer of A&E, said, “Our management team and associates are very excited to be part of the KPS portfolio of companies.  KPS uniquely recognized the true value of our business created over decades, especially the superior growth and momentum achieved in China, India and Greater Asia. We are impressed by KPS’s commitment to manufacturing excellence, which will enable us to continue to provide our customers with industry-leading products and superior service.  We expect that our strong balance sheet and access to KPS’s financial resources will enable us to continue our global growth strategy.” 


Completion of the transaction is expected in the fourth quarter of 2011 and is subject to customary closing conditions.


Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates.


About American & Efird LLC

American & Efird ("A&E") is one of the world's largest global manufacturers and distributors of industrial sewing thread, embroidery thread and technical textiles, produced from natural and synthetic fibers. Producers of apparel, automotive components, home furnishings, medical supplies and footwear rely on A&E industrial sewing thread to manufacture their products.

 

A&E, headquartered in Mt. Holly, North Carolina, is the largest U.S. manufacturer and the world's second-largest manufacturer and distributor of premium quality industrial sewing thread, embroidery thread and technical textiles. A&E thread is used by producers of apparel, automotive components, home furnishings, medical supplies, footwear and certain industrial products.  A&E owns or operates 23 plants and employs 11,000 associates around the world directly or in partnership with joint venture partners. 

 

Customers select A&E as the preferred choice for industrial sewing thread, embroidery thread and technical textiles because of A&E’s dedication to providing its customers with the finest products and services, at the highest quality, delivered globally.  Learn more about A&E at www.amefird.com.


About KPS Capital Partners, LP


KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with over $2.7 billion of assets under management focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment and capital availability. Typically, the KPS turnaround plan is accompanied by a financial restructuring of the company's liabilities. The KPS investment strategy and portfolio companies are described in detail at the firm's website: www.kpsfund.com.


 

© Copyright 2012 KPS Capital Partners, LP