Industrial Opportunity Partners Acquires Vita Nonwovens, LLC, Forms New Nonwoven Materials Platform
Evanston, Ill., November 6, 2014 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced it has acquired Vita Nonwovens, LLC (“Vita Nonwovens” or the “Company”), a technical nonwoven solutions provider that serves the bedding, automotive, building products and medical segments. Terms of the transaction were not disclosed.
Based in High Point, N.C., Vita Nonwovens specializes in the engineering and manufacturing of durable nonwoven products, including flame retardants, thermal/acoustical insulation, filtration, and medical products. Vita Nonwovens’ three manufacturing facilities have approximately 339,000 square feet and 180 employees. The facilities are located in close proximity to customers and feature complimentary ISO-certified manufacturing capabilities, including thermal bonding, needle punching, die cutting and laminating operations, as well as inspection and testing equipment that meets ISO standards.
Vita Nonwovens’ current management team has co-invested with IOP and will remain in place, with Kevin Womble serving as President and Jason Johnson serving as Chief Operating Officer. IOP Operating Executive Phil Fioravante will serve as Chairman. Mr. Fioravante, who has significant experience operating companies providing engineered materials into similar end markets, is a full-time member of IOP’s team of seasoned operating executives who provide leadership to the businesses in which IOP invests.
Said Mr. Womble, "We are excited about the great opportunity this transaction represents for all of our stakeholders. We believe our partnership with IOP will enhance Vita Nonwovens’ ability to deliver value and differentiation to our customers while helping us to continue to evolve and grow as an organization."
Bob Vedra, Senior Managing Director of IOP, stated, "We are very excited to announce our newest IOP platform focused on the nonwoven materials industry. We believe Vita Nonwovens is well-positioned, with an excellent reputation based on its innovative, high-quality products. We look forward to supporting the Company with further investment as the market for durable nonwoven applications continues to expand."
Mr. Fioravante added, "We look forward to partnering with Kevin Womble and the entire management team in continuing to serve our customers with product innovation and high levels of quality, delivery and service while enhancing the company’s culture of creativity."
Vita Nonwovens represents IOP's sixth platform investment in Industrial Opportunity Partners II, L.P.
Western Reserve Partners, LLC represented the sellers of Vita Nonwovens. PNC Business Credit and Patriot Capital, L.P. provided financing for the acquisition. Winston & Strawn LLP provided legal representation to IOP in the transaction.
About Vita Nonwovens, LLC
Vita Nonwovens specializes in engineered applications using nonwoven thermal bonded and needle punched technologies primarily for use in the bedding, automotive, building products and medical segments. For more information, visit Vita Nonwovens’ website at www.vitanonwovens.com.
About Industrial Opportunity Partners (IOP)
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.