ASHEBORO, N.C. — August 10, 2018 — Asheboro Elastics Corp., a producer of knitted and woven narrow fabrics for the apparel and bedding industries, has retained Equity Partners to find new money, either debt or equity, or a strategic partner, to complement the company’s growth strategy.
Charles Adams, CEO of AEC, stated, “We have been working hard over the past three years to strategically position the Company for growth in existing markets and to capitalize on opportunities in new markets. AEC has a great history and reputation within the narrow fabrics sector and our incredible team has put AEC on a trajectory for sustainable and significant growth. In order to realize these opportunities, we need to bring in fresh capital, either with a new lender or if there are strategic advantages, with a partner. We have retained Equity Partners to help us explore these options on an expedited basis.”
Founded in 1986, AEC enjoyed steady, organic growth for almost two decades. Through both internal growth and acquisitions, AEC expanded its offerings to include elastic inserts for apparel, rigid mattress tape, and rigid seat belts. As relationships with major apparel customers grew, the company developed elastic underwear straps that could be used for decorative branding to include a customer’s logo. With manufacturing facilities and research and development operations in the U.S. and Central America, the company is a global leader in knitted, woven, elastic, and rigid narrow fabrics for the apparel and bedding industries.
According to Matt LoCascio, a managing director at Equity Partners HG: “We are excited to work with AEC as they begin a new chapter in their impressive story. Management has already made significant expense cuts and streamlined operations with a focus on core portions of the business. In order to continue to support these initiatives and fund sustained growth, we are going to market to explore options that will ultimately allow the Company to be properly capitalized and well positioned to continue serving customers and working with vendors.”
Equity Partners HG, based outside Baltimore provides investment banking services and has completed in excess of 500 engagements throughout the United States since 1988.
Posted August 10, 2018
Source: Equity Partners HG