Crypton Inc. has acquired Nano-Tex, announced Randy Rubin, chairman of The Crypton Companies. The privately held, 20-year-old Crypton Fabrics, based in Bloomfield Hills, Mich., recently purchased Nano-Tex from private equity and venture capital investors WL Ross and Co. LLC, in addition to Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management.
Nano-Tex is a textile technology company whose finishes have been used by leading consumer brands.
Nano-Tex employs a proprietary nanotechnology approach to enhance textiles at the molecular level that provides permanent performance attributes such as stain and water resistance, moisture wicking, odor control, static elimination and wrinkle free properties. The end result is performance fabrics that maintain the original comfort, look and feel of the fabric and perform for the life of the product.
In 2013, Nano-Tex technologies were on $280 million in branded finished products at retail worldwide.
Wilbur Ross, Jr., Chairman of WL Ross said, “We are extremely pleased by Crypton’s acquisition. This assures that Nano-Tex will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross’s companies in the consumer and industrial fabrics industries, too; the goal that sparked our initial investment interest in Nano-Tex eight years ago.”
“This is a strategic acquisition as we extend our market share with apparel throughout the world. The intellectual properties and latest development, Aquapel, a non-fluorinated repellency treatment, is very exciting to our research team,” said Rubin.
When Crypton entered the contract market in 1993, it provided an alternative to vinyl, which had been the go-to product for heavily used upholstered furniture.
“The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies,” added Rubin. “We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace,” she added.
Nano-Tex will now be headquartered at The Crypton Companies in Bloomfield Hills, Mich., but will maintain sales operations in the U.S., Asia, India and Europe. In addition, the company will keep distribution centers in Hong Kong, Belgium, Mainland China, and the U.S. The technical transfer capabilities, provided from China and India, will be on-going ensuring the continuity and expansion of the company’s global footprint.