Crypton Acquires Nano-Tex, Expands Into Apparel
Bloomfield Hills, Mich.-based Crypton has acquired Oakland, Calif.-based textile technology provider Nano-Tex from a group of private equity and venture capital investors including New York City-based majority stakeholder WL Ross & Co. LLC; Palo Alto, Calif.-based Norwest Venture Partners; Chicago-based Masters Capital Nanotechnology Fund; Atlanta-based Masters Capital Management LLC; and Palo Alto-based Firelake Capital Management LLC.
Nano-Tex’s proprietary nanotechnologies offer permanent stain and water repellency, moisture management, odor control, static elimination and wrinkle resistance. The company’s treatments are used primarily on branded apparel and outdoor gear, and in 2013, its technologies were featured on branded retail products worth $280 million worldwide.
Crypton was established in 1993 to offer a comfortable, breathable alternative to the vinyl-coated and plastic upholstery fabrics that were being used in hospitality, healthcare and institutional settings at the time. The company has developed its own patented stain-and water-repellent technologies as well as moisture-barrier and antimicrobial technologies for its fabrics for both contract and residential upholstery, mattresses, home fashion accessories, pet beds, children’s furniture and car seats, as well as contract wall coverings and carpet. Globally, more than 100 million yards of its fabrics have been installed in commercial and residential settings.
The acquisition of Nano-Tex enables Crypton to expand into the consumer apparel and outdoor gear markets.
“As we got out into the consumer world, we began to see all the opportunities that existed with the consumer,” said Randy Rubin, chairman, The Crypton Companies. “Actually, all these outdoor apparel companies started asking us to help them. Nano-Tex had already penetrated that market, so we worked on acquiring them and closed the deal January 1,” she added.
“The intellectual properties and latest development, Aquapel®, a non-fluorinated repellency treatment, are very exciting to our research team,” Rubin said. “The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies. We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace.”
Nano-Tex now operates as a wholly owned subsidiary of Crypton and is based in Bloomfield Hills. The company will keep sales operations in the United States, Asia and Europe; and distribution centers in the United States, Hong Kong, China and Belgium. Nano-Tex also offers technical transfer capabilities from China and India.
January 7, 2014