The Crypton Companies - Crypton LLC and Nanotex LLC - leading providers of performance fabrics in the contract, home furnishings and apparel markets, has been acquired by Berkley Capital, which will become majority owners of the new entity to be formed from the acquisition. The new company will continue to be headquartered in Bloomfield Hills.
The new company will maintain operations from its state-of-the art research and manufacturing plant in Kings Mountain, and continue with its operations in Hong Kong. Company co-founders Craig and Randy Rubin, and Lance Keziah, president of the Crypton Companies, will retain minority ownership.
"We chose to partner with Crypton and Nanotex because of their global reputation for performance and strong brand recognition. By working with their established and proven management team, Berkley will be able to build upon the strong foundation that the Crypton team have built and help bring the organisation to its next evolution in producing performance products for the home, contract, apparel and other businesses," says Berkley Capital president Frank Medici.
Craig and Randy Rubin will carry the titles of founder and vice chairman of the new company, with Randy serving as primary brand ambassador. Craig will continue to advice the company in the areas of research and development and plant processing. Keziah will assume the role as CEO and will manage all aspects of the business.
Frank Medici, president of Berkley Capital, will become chairman of the board of the new company, while Berkley Capital managing director Thomas Ghegan will be a director along with Lance Keziah and Craig Rubin.
Berkley Capital is the private equity investment vehicle of WR Berkley Corporation, a Fortune 500 property and casualty insurance company. In addition to capital, Berkley brings management expertise to guide Crypton and Nanotex as it expands its global reach.
The move significantly enhances the growth strategy of Crypton and Nanotex and enables the company to bring greater value to its clients as it looks to dramatically expand sales.
"By partnering with Berkley Capital, we will be able to accelerate our goal of making our brands household names. We see this as an amazing opportunity for our company and will enable us to reach our full potential. I look forward to continuing my role as a Brand Ambassador to maximize our growth," says Randy Rubin.
"Berkley is a great partner that fits well with our culture and growth initiatives. I look forward to leading the company and closely working with the Berkley team to accelerate our growth strategy and continuing to bring value to our customers," adds Lance Keziah. (SV)
Fibre2Fashion News Desk – India