Fox River Mills, which manufactures knitted technical socks and handwear for the outdoor and athletic industries, has been sold to Dallas-based private equity firm LongWater Opportunities.
Founded in 1900, the company claims to be the longest continuously running hosiery mill in the U.S. and manufactures all of its products at its 240,000-square-foot facility in Osage, IA. It was sold by the Lessard family, who owned and managed the business since 1975. Its products are marketed under the Fox River brand name and it maintains private-label programs for major brands and retailers worldwide.
Fox River President and Co-Owner John Lessard noted, “We knew it was important to find a partner that believed in U.S. manufacturing and investing in the people and the community. We believe we’ve found that in LongWater. We’re excited about the future of Fox River Mills.” Additionally, Brenda Dryer, the executive director for the Mitchell Country (Iowa) Economic Development Commission, commented “We have had an outstanding working relationship with the Lessard family. We look forward to the opportunity to work with LongWater Opportunities, and stand ready to be of assistance during this time of transition.”
Fox River, the fourth investment in LongWater’s second equity fund, will be a division of Standard Merchandising Company, a Camden, NJ-based domestic manufacturer of socks and hosiery products acquired by LongWater in December 2015. The private equity firm focuses on investing in American manufacturing businesses.
Jordan Bastable, a partner at LongWater, said, “Fox River Mills is an incredible American brand that has been forged over a century and has been steadfast in its commitment to quality and technical performance. We are thrilled to have the opportunity to provide operational support and ensure the brand is around for another 100-plus years.”
Laura Johnson, CEO of Standard Merchandising Company, said, “Fox River Mills has the unique blend of heritage and innovation as hallmarks of the brand. We value the rich history and deep expertise of the Fox River team and look forward to developing careers and commerce in Osage and the surrounding communities.”
Photo courtesy Fox River
