Investor buys Basofil
David Perry -- Furniture Today, February 12, 2007
Hickory, N.C. — An investor in Basofil Fibers has acquired 100% ownership of the company, bringing in a new management team and relocating the headquarters.
Basofil is a supplier of fire-resistant materials to the home furnishings industry. The company was an early supporter of industry-wide adoption of FR bedding protection.
Terms of the sale were not disclosed. The new owner is the Sumlin Group, based here, which describes itself as a closely held investment fund that takes ownership positions in companies in various industries with the objective of adding and optimizing value.
With the change, Bob McKinnon, formerly CEO of Basofil Fibers, has elected to retire and Frank Land, formerly senior vice president, has become a consultant, according to Bogdan Ewendt, president and CEO of the Sumlin Group.
He said Basofil will now be based at the manufacturing plant in Enka, N.C., just outside Asheville. The company had recently relocated from Charlotte to Hickory.
New to the company are Rodney Gibson as executive vice president of operations and Richard Krapfel as executive vice president of sales and marketing.
"Sumlin Group brings a full complement of expertise to take Basofil Fibers to a higher level," Ewendt said. "We will focus on Basofil Fibers' core business of selling melamine fiber and grow this business."
Sumlin has assumed 100% ownership of Basofil Fibers LLC and its affiliates, including Basofil Technologies LLC, McKinnon-Land-Moran LLC, and McKinnon-Land LLC.
David Clark, Sumlin's principal, has more than 25 years of experience in the financial, mergers and acquisitions, and capital markets. Ewendt manages the investments on a day-to-day basis.
Basofil has been a Kathy Ireland Home brand partner.
