Charlotte, N.C.-based Elevate Textiles Inc. has announced a recapitalization plan that will strengthen its balance sheet and allow the company to reinvest in its global operations.The transaction, which has the support of all key financial stakeholders, will better align Elevate’s financial foundation with its operational strengths. The company will be owned by a consortium of leading global investment firms, who will appoint a new board of directors.
The recapitalization will infuse $100 million of new capital into the company, providing it with the resources it needs to continue to grow. No impact on the company’s global operations is expected.
“We are pleased with the outcome of this recapitalization process which provides an improved balance sheet and reduced leverage to align with the strength and capabilities of our business and brands,” said Sim Skinner, president and CEO, Elevate.
“We appreciate the support of our financial stakeholders who have demonstrated their confidence in Elevate, our business plan, and our future. We look forward to directing our focus on delivering the high-quality service and premium products our customers have come to trust and depend on.”
May/June 2023
