CapitalSouth & Crutchfield Capital have sold Vita Nonwovens to Industrial Opportunity Partners

October 2014 — CapitalSouth Growth Fund and Crutchfield Capital, LLC have sold Vita Nonwovens, LLC to Industrial Opportunity Partners (IOP).

Based in High Point, North Carolina, Vita is a leading manufacturer of high-performance, durable nonwoven materials, including flame retardants, thermal/acoustical insulation, filtration and medical products. The company operates three facilities strategically located throughout the USA, and specializes in engineered applications utilizing nonwoven thermal bonding and needle punch capabilities, as well as die cutting and laminating operations.

Industrial Opportunity Partners, an Evanston, Illinois-based private equity firm with US$460 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between US$30–350 million. IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.

CapitalSouth Growth Fund, headquartered in Charlotte, North Carolina, is a junior capital provider to lower middle-market companies located throughout the United States. CapitalSouth’s investments are typically made to support sponsor or management-led buy-outs, recapitalizations, growth financings and change of control transactions. The firm has invested in multiple sectors, including business services, general industrial, consumer products, restaurant and food, healthcare, information technology and energy services. CapitalSouth typically invests between US$2–10 million in each transaction. Crutchfield Capital is a closely held private investment firm that invests in small to mid-sized companies in the Southeastern United States. The firm seeks to establish partnerships with strong management teams and others interested in building successful companies and rewarding careers for team members. The Crutchfield team has financial and operating experience in turn-around, mature and high-growth situations. Crutchfield typically invests in companies with EBITDA between US$1–8 million and invests in both, control and non-control positions.

Our role in the transaction

Oaklins' team in Germany provided strategic support throughout the transaction.