H.I.G. Capital Acquires Universal Fiber Systems
Miami, FL, October 5, 2015—Private equity investment firm H.I.G. Capital, which also holds Lexmark and Northwest Carpets, has acquired Universal Fiber Systems (UFS).
UFS is headquartered in Bristol, Virginia with manufacturing facilities in China, Thailand and the U.K., and was purchased by Sterling in 1985. It produces custom solution-dyed synthetic fibers for commercial, residential and transportation carpet manufacturers. The company is unique in the carpet industry, producing nylon 6, nylon 6,6 and PET fibers.
During Sterling's ownership, UFS' EBITDA grew by over 70% based on a series of strategic and operational initiatives focused on market share growth, international expansion and cost savings and other margin improvement programs.
Tenno Tsai, managing director at H.I.G., commented, "We are excited to partner with Marc Ammen and the entire UFS team to continue the Company's strong growth. We look forward to working with the management team to support the company's commitment to bringing the highest levels of quality, service and innovation to its customers."
"We are thrilled to work with H.I.G.," said Marc Ammen, CEO of Universal Fiber Systems. "This partnership will support UFS in our resolve to remain the leader in innovation, service and quality for each of our end markets. Those are attributes that our customers and supply partners have come to expect. Additionally, this will enable the continued globalization of our operations and market reach. We have invested in each and every one of our facilities and this will further our momentum. I am very excited about the future of our company and the partnership with H.I.G.