The LYCRA Company, an innovative fiber and technology solutions firm for the apparel and personal care industries, 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 full equity control of the firm.
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.
What is the market reach of The LYCRA Company?
The LYCRA Company has grown into one of the most powerful global franchises in the textile industry with its world-class brands, including LYCRA®, COOLMAX®, and THERMOLITE®, unique marketing services, and wide network of partners across the global value chain.
In addition, The LYCRA Company’s diverse and broad innovation capabilities and robust intellectual property estate of over 800 patents have helped it build long-standing strategic relationships with most leading producers, brands, and retailers across the globe.
The LYCRA Company will continue to focus on accelerating the implementation of its vision, including sustainable solutions that advance circularity, strategic tech partnerships to develop and scale up a wider range of innovative materials, and digital transformation initiatives.
This is fully supported by the New Shareholders who have a proven track record of financing companies across Asia and globally and working with Boards of Directors on operational plans to enhance long-term value creation. The New Shareholders are committed to further helping The LYCRA Company strengthen its financial position and enable its long-term growth.
What were the executives’ thoughts on the transaction?
“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. This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision,” said Julien Born, Chief Executive Officer of The LYCRA Company.
“We fully support The LYCRA Company’s world-class management and their stewardship of The LYCRA Company. The company is in a strong financial position, has a solid foundation for long-term growth, and we look forward to working with the team to provide continued support for the company’s future growth,” said a spokesperson for the New Shareholders.