Kellwood completed the sale of its Biflex Intimates Group to Industrial Renaissance. Industrial Renaissance, a private equity firm, based in Fairfield, CT, specializes in buying companies and positioning them for future growth. The existing Biflex management team participated in this transaction and will continue with the new owner.
“We are pleased Industrial Renaissance is partnering with the current Biflex management team. The Biflex team knows their customers well and will be instrumental in the continued success of the operation and growing the business,” said Skinner.
“We are very delighted to be the new owners of Biflex. We are highly confident in Debby Long, president of Biflex and the outstanding industry, product and management skills of the entire Biflex team. There will be benefits from working with IR and leveraging its strong operational focus and capabilities. Together we plan to build a bigger, stronger New Biflex,” said Eric Hamburg, president of Industrial Renaissance.
In July 2005, Kellwood announced its restructuring efforts. The sale of Biflex is the last business unit to be sold under the restructuring process. In October 2005, Kellwood sold its David Brooks sportswear business as well as its Dotti swimwear cover-ups unit. During November 2005, Kellwood completed the transfer of its sewing facility in Honduras to local ownership.
Financo, Inc., an investment banking firm based in New York City, assisted in these transactions.
Terms of the sales were not disclosed.
