Miami-based private investment firm Empire Investment Holdings has concluded its 12-month
transition services agreement with Leggett & Platt (L&P) related to Empire’s acquisition of
Polyester Fibers LLC. All services, including accounting, treasury, logistics, information
technology, global services, and manufacturing resource planning and financial software have been
transitioned over from L&P to Empire ahead of schedule.
“Our team has completed this complex extraction from the L&P platform two months ahead of
schedule,” said David F. Alfonso, Empire Investment Holdings’ chairman and CEO. “Through the course
of the due diligence process, we were able to see beyond the challenges related to this extensive
carve-out and identified significant opportunities to unlock value.”
Empire purchased Polyester Fibers — a manufacturer of high-loft nonwoven products used in
furniture, filtration, bedding and retail applications — from L&P in November 2008. As soon as
the transaction closed, Empire sent its operational transition team to Polyester Fibers’ locations
to begin the transition. Empire’s team worked to stabilize the employee and customer base, improve
leadership and efficiencies, strategically create growth and market share, and develop the
business’s standalone infrastructure. During the handover, Polyester Fibers continued to operate
without any customer disruption.
“This acquisition fit perfectly with Empire’s investment profile and now represents a
flagship enterprise for our firm,” Alfonso said. “It boasts an expansive manufacturing footprint
and distribution model that delivers well known brands to a mature and established customer base.”
October 20, 2009
