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Patriarch Completes Galey & Lord Acquisition

New York City-based investment firm Patriarch Partners LLC has acquired Atlanta-based apparel fabrics manufacturer Galey & Lord Inc. in exchange for $40 million in cash and the assumption or refinancing of certain obligations and liabilities. As a result, Galey & Lord has emerged from Chapter 11 bankruptcy protection, for which it filed in August 2004 in order to facilitate the acquisition (See " Textile World News," September 2004).

"Now we can focus on growing the business profitably. We are focusing on product and continuing to look at enormous cost reductions," said John J. Heldrich, president and CEO, Galey & Lord. "We have been downsizing and rightsizing domestic operations. Most of the changes have been made, but now we must balance domestic production with manufacturing in lower-cost regions."

The company has reorganized operations into four strategic business units, each headed by a managing director: Sportswear, Bob McCormack; Jeans, Jake Fraser; Specialty Markets, Rick Waide; and Uniform, Paul Tantillo. Al Blalock has been named senior vice president of operations, with responsibility for domestic manufacturing operations. Tim Driver has been named senior vice president of international business relations, with responsibility for the Swift Denim Hidalgo facility in Mexico and other international ventures.

December 2004