CSW Private Equity has sold Berkshire Blanket, Inc. to SUMEC Textile Light Industry Co., Ltd. for an undisclosed consideration.
Founded in 1993, Nanjing, China-based SUMEC Textile Light Industry Co., Ltd. is a subsidiary company of the SUMEC Group Corporation, itself a key member of China National Machinery Industry Corporation (SINOMACH), a world top 500 enterprise. In 2015, SUMEC Textile Light Industry was a top 10 exporter to the US market with an export volume exceeding US$700 million. The company is the leading exporter of textiles and garments to the European Union.
CSW is a New York-based private equity firm specializing in leveraged buy-outs, recapitalizations and growth capital financings for lower middle-market companies in the general industrial and consumer products sectors.
Berkshire Blanket designs, manufactures, and markets blankets, throws and soft home goods. It offers bed and throw blankets, fleece sheets, bedding sheets and linens, decorative pillows, comforters, quilts, and gifts; blankets for teens and kids; and blankets, apparel, and accessories for babies. The company supplies its products to hotels, spas, wellness centers, and extended care facilities through retailers around the world. It also sells its products online. Berkshire Blanket was founded in 1993 and is headquartered in Ware, Massachusetts, with showrooms in New York City, (USA), Amsterdam (Netherlands) and Nanjing (China).
One of Oaklins' teams in the USA served as the exclusive financial advisor to Berkshire Blanket, Inc. in this transaction.
Michael Smart, CSW Partner and Chairman at Berkshire Blanket, Inc., said: "We were impressed by the team's nuanced understanding of the company, sector and the universe of potential buyers. We knew the highest value would likely come from a buyer with strategic synergies and an ability to further leverage the platform we built. The team did a great job crafting that thesis and then accessing a global buyer universe with individually tailored messaging."
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