Monomoy Capital Partners And Kingsmoor Acquire The Denim Manufacturing Divison Of The Plains Cotton Cooperative Association

NEW YORK, N.Y. — June 6, 2014 — Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, and Kingmoor, an investment company with extensive operational and apparel experience, announced today that they have teamed up to acquire the denim manufacturing operation of the Plains Cotton Cooperative Association (the “PCCA”) through American Textile Holdings, LLC. (“AmTex”), a newly-created acquisition vehicle. Terms of the transaction were not disclosed.

AmTex is a leading designer and manufacturer of both denim fabric and denim apparel products. The company converts raw cotton into denim fabric at the ACG textile mill located in Littlefield, Texas and converts denim fabric into finished jeans at the Denimatrix cut, sew and laundry operation located in Guatemala City, Guatemala. AmTex employs over 2,200 associates at its two facilities and runs one the largest denim manufacturing operations in the Western Hemisphere.

“We are excited to create AmTex and purchase these impressive denim assets in Texas and Guatemala,” said Robert Fowler, a partner at Kingmoor and the new Chief Executive Officer of AmTex. “Denimatrix and ACG offer their customers unsurpassed quality, value and proximity in a denim manufacturing sector that is currently migrating from Asia back to the Americas. With our partners at Monomoy, we will expand the company’s capabilities and work with our customers to bring fashion-forward products to market through the most efficient supply chain in the industry.”

Today’s transaction with the PCCA will allow AmTex to operate as a standalone business focused exclusively on innovative development, fabrication, marketing and sales in the denim sector. “We thank our friends at the PCCA for the extraordinary amount of effort they have put into completing a complex transaction,” said Eric Ceresnie of Monomoy. “We look forward to working with the PCCA over the next few months as we transition AmTex to an independent, entrepreneurial enterprise.”

Monomoy made its investment in AmTex through its second fund vehicle, Monomoy Capital Partners II, L.P. Kevin Morris from Kirkland & Ellis, LLP and Rodolfo Alegría from Carrillo & Asocidos provided legal counsel for the transaction. The Pine Hill Group and KPMG performed financial, accounting and tax diligence for Monomoy and Kingsmoor. Kingsmoor and its network of apparel experts provided industry insight through the acquisition process.

Posted June 9, 2014

Source: Monomoy Capital Partners