US: Investors buy Denimatrix and ACG denim mill
AmTex designs and manufactures both denim fabric and denim apparel products
The Plains Cotton Cooperative Association (PCCA) has sold its denim manufacturing operation - which consists of the American Cotton Growers denim mill and Denimatrix facility - to two private equity firms.
Acquisition vehicle American Textile Holdings (AmTex) was set up by Monomoy Capital Partners and Kingsmoor to complete the deal for an undisclosed sum.
AmTex designs and manufactures both denim fabric and denim apparel products. The company converts raw cotton into denim fabric at the ACG textile mill in Littlefield, Texas and converts the fabric into finished jeans at the Denimatrix cut, sew and laundry operation located in Guatemala City, Guatemala.
The firm employs around 2,400 people at its two facilities and claims to run one the largest denim manufacturing operations in the western hemisphere.
"We are excited to create AmTex and purchase these impressive denim assets in Texas and Guatemala," said Robert Fowler, partner at Kingsmoor and newly-appointed AmTex CEO.
"With our partners at Monomoy, we will expand the company's capabilities and work with our customers to bring fashion-forward products to market through the most efficient supply chain in the industry."
The new company says it is poised to benefit from the migration of denim manufacturing from Asia back to the Americas. As a standalone business AmTex will also focus exclusively on innovative development, fabrication, marketing and sales in the denim sector.
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