The Lycra Company announced that a group of financial institutions, comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright Limited (“New Shareholders”), have gained complete equity control of the company.
The change of equity control follows the conclusion of the receivership process that started in February when the New Shareholders initiated an enforcement action against Ruyi Textile and Fashion International Group Limited, the former parent of The Lycra Company, for loan defaults associated with its purchase of The Lycra Company in January 2019.
The Lycra Company’s textile brands include Lycra, Coolmax and Thermolite.
With its new ownership and governance, The Lycra Company said it would continue to focus on accelerating the implementation of its vision, including sustainable solutions to advance circularity and strategic technology partnerships to develop and scale up a more comprehensive range of innovative materials and ongoing digital transformation initiatives, fully supported by the new shareholders.
“I am thrilled to have the full support of our New Shareholders and incoming Board of Directors as we begin the next chapter in The Lycra Company’s story,” said Julien Born, CEO. “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”
