Sun Capital Partners Inc. on Tuesday said it acquired Frontier Spinning Mills Inc. for an undisclosed sum.
Sanford, N.C.-based Frontier, which produces cotton and polyester-cotton blended yarns, takes its place alongside Sun Capital businesses that include Kellwood Co., Limited Stores, Performance Fibers Holdings and ShopKo.
Boca Raton, Fla.-based Sun specializes in leveraged buyouts and the Frontier deal was made amid turmoil on Wall Street and a severely tightened credit market.
“Frontier has enjoyed long-standing relationships with its very valued customers, and now, with an equity sponsor, we will be able to better execute on our strategic plans to expand our geographic footprint and add value to our stakeholders,” said George R. Perkins Jr., chairman and chief executive officer of Frontier.
Frontier’s yarns are used in sportswear, innerwear, socks, sweaters, fleece and denim.
Sun said it would work with Perkins and Frontier’s management on the company’s recapitalization.
Frontier was founded in 1996 and employs more than 1,600 people.