HOUSTON — Propex Fabrics Inc., a subsidiary of Propex Fabrics Holdings Inc. (formerly AFFC Holdings, Inc.), announced that it has finalized the acquisition of BP’s Amoco Fabrics and Fibers subsidiary and its associated assets.
The transaction was sponsored by an investor group comprised of The Sterling Group, L.P., Genstar Capital, L.P. and Laminar Direct Capital, L.P. As with other Sterling, Genstar and Laminar Direct Capital investments, management of the purchased company will also be participating significantly in the ownership of the newly independent organization.
The acquired business will operate under the name Propex Fabrics Inc. Financial details were not disclosed.
Based in Austell, GA, Propex Fabrics Inc. is a leading producer of synthetic fabrics. It is the world’s top producer of primary carpet backing and secondary carpet backing and also is a leading producer of synthetic fabrics for use in furniture, bedding, automotive, geotextile, and other industrial fabrics applications.
The company operates manufacturing facilities in five locations in the southern U.S. and internationally in Mexico, Germany, Hungary and Brazil.
“The completion of this transaction marks a significant achievement in the history of the business,” said Bradford Mortimer, president and CEO of Propex. “We look forward to a future with new and exciting opportunities as an independent company and believe Sterling, Genstar and Laminar Direct Capital will be excellent partners in pursuing those opportunities. As always, our primary focus will be on serving the needs of our customers, and we will continue to look for ways to better serve their needs in the future.”
