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February 27, 2018updated 12 Apr 2021 2:17pm

KPS Capital Partners to sell American & Efird

Private equity firm KPS Capital Partners has inked a deal to sell its portfolio company American & Efird (A&E) to Platinum Equity Capital Partners.

By Beth Wright

Private equity firm KPS Capital Partners has inked a deal to sell its portfolio company American & Efird (A&E) to Platinum Equity Capital Partners.

Completion of the transaction, the financial terms of which were not disclosed, is expected in the second quarter of 2018.

KPS acquired A&E in 2011 from Ruddick Corporation (now a subsidiary of The Kroger Co) in a highly complex corporate carve-out transaction.

Following the acquisition, A&E was transformed into a “truly global business”, doubled its revenue and nearly tripled its operating cash flow (EBITDA), according to KPS.

The sewing and embroidery thread major’s products are today manufactured in 21 countries, distributed in 50 and sold in over 100.

“KPS was the only investor to recognise the potential to create value by investing in our company,” said A&E CEO Les Miller. “Working in partnership with KPS, we invested significantly in our operations, technology and people, becoming a far better company.

“We are grateful to KPS for providing our team with expertise, capital and the resources needed to acquire and integrate five acquisitions, and for creating a lasting culture of innovation and continuous improvement.  We are confident in our growth trajectory, and will continue to provide our customers with the highest levels of product quality, innovation and customer service.”

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