Performance fabric specialist Nano-Tex has been sold by private equity firm WL Ross and Co to textile company Crypton Inc for an undisclosed sum.

The deal, announced today (6 January), is described as a "strategic acquisition" by Randy Rubin, chairman of The Crypton Companies, that will "extend our market share with apparel throughout the world."

He added: "The intellectual properties and latest development, Aquapel, a non-fluorinated repellency treatment, is very exciting to our research team."

Nano-Tex's nanotechnology-based performance finishes provide permanent attributes such as stain and water resistance, moisture wicking, odour control, static elimination and wrinkle free properties.  

They are used by leading consumer brands such as Gap, Target, Maidenform, Nordstrom and Land's End - and featured on an estimated $280m worth of branded finished products at retail worldwide in 2013.

Nano-Tex will now be headquartered at The Crypton Companies in Bloomfield Hills, Michigan but will maintain sales operations in the US, Asia, India and Europe.

In addition, the company will keep distribution centres in Hong Kong, Belgium, Mainland China, and the US.

WL Ross & Co, chaired by financier Wilbur Ross, invested in Nano-Tex eight years ago.

The Crypton Companies, meanwhile, specialises in fabrics offering stain, moisture and anti microbial resistance for the healthcare, hospitality, government, education and contract segments.