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United Kingdom : Galey & Lord Sells Klopman To European Investors |
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2003-7-25 8:36:00
European workwear, protectivewear and casual apparel fabric
manufacturer Klopman International is being sold to a group of investors led by BS Private Equity. The deal, which is expected to be completed within 60 days pending regulatory approvals, will see Klopman move from its parent company Galey & Lord to a group of European financial investors that includes MPS Venture and Klopman senior management. In a statement, Klopman says the landmark sale will provide increased opportunity to build on its position as Europe's leading supplier of polyester/cotton blended fabrics.
The new owners say they are fully confident in the existing management and employees of the company, adding that the company's structure and management will remain unaltered. Textiles manufacturer Galey & Lord Inc filed for Chapter 11 bankruptcy protection in February 2002.
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