WILMINGTON, Del. — June 29, 2022 — The LYCRA Co., a global developer of innovative fiber and technology solutions for the apparel and personal care industries, today announced that a group of financial institutions, comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright Ltd. (new shareholders), have gained full equity control of the company.
The change of equity control follows the conclusion of the receivership process that started in February when the new shareholders initiated an enforcement action against Ruyi Textile and Fashion International Group Ltd., the former parent of The LYCRA Co., for loan defaults associated with its purchase of The LYCRA Co. in January 2019.
The LYCRA Co. has grown into one of the most powerful global franchises in the textile industry with its world-class brands, including LYCRA®, COOLMAX®, and THERMOLITE®, unique marketing services, and wide network of partners across the global value chain. In addition, The LYCRA Co.’s diverse and broad innovation capabilities and robust intellectual property estate of over 800 patents have helped it build long-standing strategic relationships with most leading producers, brands, and retailers.
With its new ownership and governance in place, The LYCRA Co. will continue to focus on accelerating the implementation of its vision, including sustainable solutions that advance circularity, strategic technology partnerships to develop and scale up a wider range of innovative materials, and ongoing digital transformation initiatives. This is fully supported by the New Shareholders who have a proven track record of financing and investing in companies across Asia and globally and working with Boards of Directors on business and operational plans to enhance long-term value creation. The New Shareholders are committed to further helping The LYCRA Company strengthen its financial position and enable its long-term growth.
“I am thrilled to have the full support of our new shareholders and incoming Board of Directors as we begin the next chapter in The LYCRA Company’s story,” said Julien Born, CEO of The LYCRA Co. “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”
“We fully support The LYCRA Company’s world-class management team and their continued stewardship of The LYCRA Company,” said a spokesperson for the new shareholders. “The LYCRA Company is in a strong financial position, has a solid foundation for long-term growth, and we look forward to working with the team to provide continued support for The LYCRA Company’s future growth.”
Posted: June 29, 2022
Source: The LYCRA Co.