Sellers included WL Ross and Co. LLC, Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management.
Nano-Tex employs a proprietary nanotechnology approach to enhance textiles at the molecular level that provides permanent performance attributes such as stain and water resistance, moisture wicking, odor control, static elimination and wrinkle free properties. The end result is performance fabrics that maintain the original comfort, look and feel of the fabric and perform for the life of the product. In 2013, Nano-Tex technologies were on $280 million in branded finished products at retail worldwide.
Wilbur Ross, Jr., Chairman of WL Ross said, “We are extremely pleased by Crypton’s acquisition. This assures that Nano-Tex will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross’s companies in the consumer and industrial fabrics industries, too; the goal that sparked our initial investment interest in Nano-Tex eight years ago.”
“This is a strategic acquisition as we extend our market share with apparel throughout the world. The intellectual properties and latest development, Aquapel, a non-fluorinated repellency treatment, is very exciting to our research team,” said Rubin.
When Crypton entered the contract market in 1993, it provided an alternative to vinyl, which had been the go-to product for heavily used upholstered furniture. In revolutionizing performance textiles, Crypton opened the doors for new design opportunities to an entire industry.
A master branding company, Crypton has enjoyed an unparalleled branding trajectory in the interior design community, achieving more than 90 percent brand awareness of their products in the first seven years of business. Today, they are known for their strategic and innovative new product developments, branding techniques and strategies.
“The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies,” added Rubin. “We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace,” she added.
Nano-Tex will now be headquartered at The Crypton Companies in Bloomfield Hills, MI but will maintain sales operations in the US, Asia, India and Europe. In addition, the company will keep distribution centers in Hong Kong, Belgium, Mainland China, and the U.S.
The technical transfer capabilities, provided from China and India, will be on-going ensuring the continuity and expansion of the company’s global footprint.
About Nano-Tex :
Nature was the inspiration.
Founded in 1998 by Dr. David Soane, former polymer chemist and Vice Chairman of the Department of Chemical Engineering at the University of California at Berkeley, the company’s team of scientists set out to replicate the natural water-repellency of plant surfaces and animal coats.
Today, Nano-Tex is a leading fabric innovation company providing nanotechnology-based textile enhancements to the apparel, home and commercial/residential interiors markets. Purchased by soft-surface technology leader Crypton, Inc. in 2013, Nano-Tex is headquartered in Bloomfield Hills, MI with operations across the United States, Asia, India and Europe. To date, more than 80 textile mills worldwide are utilizing Nano-Tex treatments in products sold by more than 100 leading brands Worldwide.
About Crypton Inc :
Innovation. Industry leadership. A deep commitment to product excellence. These core elements are at the heart of the Crypton DNA – a labor of love that began in 1993 when founders Craig and Randy Rubin set out to create a new generation of stylish fabrics that were moisture-resistant and easy-to-clean, yet soft, comfortable and breathable.
From the basement of their Michigan home, a textile revolution was born.
Now based in West Bloomfield Michigan, with a green manufacturing facility in Kings Mountain, North Carolina, Crypton is the only textile solution in the world offering complete stain, moisture, mildew, bacteria and odor-resistant protection thanks to a patented process developed by some of the leading minds in the textile industry.
Early on, by offering a fabric – not a vinyl or plastic – that was capable of resisting stains, moisture, odors and bacteria, Crypton proved to be the perfect solution for the health care market. Following this initial success, Crypton solutions rapidly expanded into some of the finest restaurants, hotels, cruise ships around the world, as well as government complexes, schools and health care facilities.
Now trusted and relied on by over 90% of contract designers, there are more than 20,000 patterns of Crypton fabric available today. Crypton is the only fabric deemed a non-porous surface and can be disinfected when used in conjunction with our U.S. EPA-approved Crypton Disinfectant & Deodorizer.
From fabric, carpet, leather, wall and mattress to pet beds, home accessories, bags and luggage – our mission is to give customers more ways to live healthy, live beautifully and Live Clean®.
By press release
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