Swift Spinning Acquired By Blackstreet Capital

Swift Spinning Inc., a Columbus,
Ga.-based spinner of ring-spun cotton yarn used in socks, high-end denim and branded apparel, has
received a financial shot in the arm as a result of the acquisition of a controlling interest in
the company by Bethesda, Md.-based private equity firm Blackstreet Capital Management LLC from
Tokyo-based Marubeni Corp.

According to Trey Hodges, Swift Spinning’s president and COO, the century-old company will
continue to operate as it has from the beginning as a yarn manufacturer and sales company,
retaining its 375 employees and two facilities in Columbus. Blackstreet Operating Partner Ric
Miller will join the company’s existing management, serving as its new chairman.

“We’ve invested a lot of money in our plants over the last five to ten years,” Hodges said,
adding that Blackstreet plans to invest “whatever we need to go forward to run our business.

“They bought us knowing this industry has not been seeing the best of times, and they
believe that some textiles will survive in this hemisphere,” Hodges continued. “There will still be
some shaking out in the industry, but you can’t get everything from overseas because there’s still
a six-to-eight-week window for delivery. The commodities will still continue to come [from
overseas], but everybody that survives [in the US industry] has got to replenish that [quickly], or
be in a niche business.”

Hodges added that a good portion of Swift Spinning’s product is shipped to Central America
for further processing into apparel. “We’re selling our yarns to about 15 name brands,” he
said.



May 29, 2007
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