Crypton acquires textile technology specialist Nano-Tex
January 6, 2014,
BLOOMFIELD HILLS, Mich. — Performance textile supplier Crypton Inc. has acquired Nano-Tex, a textile technology company that has worked with consumer brands including the Gap, Target, Maidenform, Bass Pro Shops, Nordstrom, Land's End and Fisher-Price.
Randy Rubin, chairman of Crypton Cos., said that the privately held, 20-year-old Crypton Fabrics purchased Nano-Tex from private equity and venture capital investors including WL Ross and Co. LLC as major stockholders in addition to Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management.
Company officials said Nano-Tex uses a proprietary nanotechnology approach to enhance textiles at the molecular level. The technology provides permanent performance attributes including stain and water resistance, moisture wicking, odor control, static elimination and wrinkle-free properties.
According to the company, Nano-Tex technologies were used on $280 million in branded finished products at retail worldwide.
"We are extremely pleased by Crypton's acquisition," said Wilbur Ross Jr., chairman of WL Ross. "This assures that Nano-Tex will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross' companies in the consumer and industrial fabrics industries - the goal that sparked our initial investment interest in Nano-Tex eight years ago."
"The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies," Rubin said. "We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace."
Nano-Tex will be headquartered at The Crypton Cos. in Bloomfield Hills, but will maintain sales operations in the U.S., Asia, India and Europe. In addition, the company will keep distribution centers in Hong Kong, Belgium, mainland China and the U.S. The technical transfer capabilities, provided from China and India, will be ongoing, ensuring the continuity and expansion of the company's global footprint, officials said.