PrimaLoft Ownership Changes Hands
GDA Staff -- Gifts & Dec, June 12, 2012
ALBANY, N.Y. - Albany International Corp. has sold the PrimaLoft products business to a new entity led by former company president Michael Joyce with financing provided by Prudential Capital Group, which is a stakeholder in the new company.
Employees of the new PrimaLoft Inc. will remain headquartered in Albany, with European office locations in Ballo, Italy, and Munich, Germany.
Joe Rumiesz, vp and general manager of PrimaLoft Inc., said the move will streamline and improve customer service, and accelerate product development. "The transition for our business will be seamless," he added.
Prudential Capital Partners principal Paul Meiring said the firm has worked for six months with the management team on the buyout. "This company has solid business fundamentals and a strong management team that will drive growth," he said.
PrimaLoft's high-performance insulations and yarns are manufactured in the U.S., Europe and Asia for use in outdoor and fashion brands, home furnishings, work wear and military applications.
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