Equity Firm Completes Foss Purchase
Hampton Union, Friday, June 9, 2006
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- Alinian Capital Group, LLC, a private equity firm based in Fort Lauderdale, Fla., on Wednesday announced it finalized the purchase of Foss Manufacturing Co., Inc., a Hampton-based manufacturer of specialty fibers and non-woven fabrics.
Alinian acquired Foss through a bankruptcy Section 363 auction. Foss Manufacturing filed for Chapter 11 bankruptcy protection last September, after its chief lender, CapitalSource, cut off credit, alleging Foss fraudulently borrowed millions of dollars to benefit itself and company insiders.
Alinian recapitalized Foss, instituted cost reductions and implemented an operating plan designed to return the company to profitability, while keeping jobs in America, according to a company statement.
"Foss Manufacturing Company is recognized as an industry leader and has exciting prospects for future growth," said Mike DeGrace, president of Alinian.
Foss is now hiring for all positions, DeGrace said.
"Our new partnerships with our employees, customers and vendors provide Foss with a solid foundation for a successful future," he said.
The company's Fosshield Antimicrobial Technology protects everyday products including mattresses, cleaning wipes, bed linens, bandages and surgical scrubs against bacteria and mold. The technology has been used by NASA to provide protection for clothing and linens used by its crew members.
For more information about Foss, visit www.fossmfg.com. For more information about Alinian Capital Group, visit www.alinian.com.