SAN FRANCISCO, CA. Ė Meriturn Partners announced today that it has successfully arranged a new $17.5 million bank financing package for its portfolio company Johnston Textiles, Inc. The new financing package, provided by First Capital Corporation, replaces an existing facility with Bank of America and will further support the working capital of the company.
Meriturn acquired the assets of Johnston through a 363 sale process in December 2003 with the cooperation of management, and since that time has significantly restructured and improved the operations of the company.
About Meriturn Partners, LLC
Meriturn Partners manages the Meriturn Fund, which invests in corporate recapitalizations, restructurings and turnarounds where its capital, financial restructuring, and operational initiatives can improve the profitability and growth of businesses. Meriturn targets investments in companies operating in basic industries (manufacturing, services, distribution, etc.) with $25-$250 million of revenue and based in the U.S. and Canada. Meriturn has invested in 7 companies, with combined annual revenues of approximately $300 million and over 1,000 employees. Meriturn was founded in 2001 and has offices in San Francisco, CA and Raleigh, NC. For more information visit Meriturnís website at www.meriturn.com.
About Johnston Textiles, Inc.
Johnston Textiles is a leading manufacturer of technical, industrial, and decorative textiles. The company produces a wide range of specialty products sold into industrial, furnishings, and hospitality markets worldwide. Its products include 100% spun polyester fabrics for napery and work wear markets, fabrics for use in rubber and automotive applications, as well as Jacquard and dobby woven decorative fabrics. The Companyís products have significant brand awareness under brands such as Wellington Sears, Interweave, Duration, Caress, and Chef Check. Johnston is headquartered in Valley, AL and operates three modern textile manufacturing facilities in Phenix City, Valley and Opp, AL. The Company also has a Sales, Marketing and Design center in Valley, AL, and operates an ISO certified textile, testing facility (TexTest) in Valley, AL. For more information visit Johnstonís website at www.johnstontextiles.com.
Meriturn Partners, LLC