KPS Capital Partners seeks portfolio growth overseas
KPS Capital Partners, a US-focused distressed and turnaround private equity investor, has been assisting its portfolio companies to expand overseas.
The private equity firm announced on Monday that its portfolio company American & Efird (A&E) acquired the outstanding two-thirds share ownership of A&E Sri Lanka and A&E Bangladesh from its two joint-venture partners, Brandix Lanka and Brandot International. A&E now owns 100% of both businesses.
A&E 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.
"Our objective is to make A&E the premier manufacturer of industrial thread globally," Michael Psaros, a KPS Managing Partner, said in a statement. "These two acquisitions strengthen A&E's global footprint, significantly streamline and integrate A&E's Asian operations, and positions A&E to benefit fully from the considerable growth in these local markets."
Fred Jackson, CEO of A&E, added that Sri Lanka and Bangladesh are two very important and high-growth markets for the company over the long term. The full control of the operations should strengthen A&E's ability to provide quality services throughout the region.
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