PrimaLoft, a materials science company, said that it has completed a management-led transaction that will recapitalize its business to help meet growing consumer demands through investments in fabric technologies. The new investor group is led by Victor Capital Partners in partnership with the private equity group at Allstate, the company reported.
Terms of the deal were not disclosed. PrimaLoft was previously owned by Prudential Capital Group.
The firm was founded in 1988 and originally developed water-resistant, synthetic alternatives to down insulation for the U.S. Army. Over the years, PrimaLoft expanded and added comfort and performance solutions to its portfolio by specializing in insulation, fabrics and yarns for the outdoor and fashion industries, as well as workwear, hunting, home furnishings and military applications. Its product line collectively includes lightweight, temperature controlled, water-resistant, comfortable, soft breathable, durable, eco-friendly and animal-friendly materials.
Via its partnership with Victor Capital, PrimaLoft can position itself for steady growth as the resurgence of outdoorwear is helping boost a “recreation economy” that sees over $887 billion in consumer spending annually. The experience or recreation economy segment outplays pharmaceutical, education, gasoline and fuel spending combined, according to a report by the Outdoor Industry Association. And “post-ath-leisure” trends that call for cozy, performance fabrics align with PrimaLoft’s comfort solutions that debuted earlier this year, namely its range of cashmere blend fabrics and yarns enhanced with performance features.
For its fall collection, PrimaLoft introduced its Black Insulation ThermoPlume, the first loose-fill, 100 percent synthetic insulation intended to replace natural down. The material maintains the same warmth, look and feel of traditional goose or duck down; the firm said synthetics are used in lieu of natural down because they repel moisture and dry exponentially faster than down, while retaining 98 percent thermal efficiency when wet.
Mike Joyce, the president and chief executive officer of PrimaLoft, said it is “an incredible opportunity to enhance the future of PrimaLoft. In recent years, we have enjoyed significant growth and further established PrimaLoft as a leading consumer ingredient brand that partners with many of the best outdoor, fashion, and home furnishings companies in the world. Our new partnership with Victor Capital will provide the capital, commitment and operating support to drive our technological innovation “
Douglas Korn, a managing partner of Victor Capital, said the “strong and growing reputation of the PrimaLoft brand and the company’s history of leadership in developing innovative technologies offer an exciting platform for continued growth. We look forward to helping the management team propel the company to new levels of success.”
PrimaLoft has over 500 global brand partnerships, including Patagonia, Adidas, The North Face, Helly Hansen and L.L. Bean.
For More Textile News From WWD, See: