JPS Industries Inc., Greenville, S.C., completed a transaction selling the assets of its apparel
division to JPS Acquisition Corp., a new, privately held company formed by two veteran textile
executives H. Doug Kingsmore and Jerry E. Turner. The sale includes its apparel manufacturing and
administrative facilities located in South Boston, Va.; Greenville, S.C.; and Laurens, S.C.; as
well as sales offices in New York City and Los Angeles.The purchase price of the assets is
approximately $27 million, with future consideration in the form of an earn-out based on earnings
before interest, depreciation and amortization, as defined, for the 24-month period immediately
following the sale.