American Pacific sells a stake to California firm
May 25, 2004-- Home Textiles Today,
SAN FRANCISCO – A private equity investment firm has acquired a controlling position in American Pacific Enterprises.
Genstar Capital, San Francisco, did not disclose the amount of its investment in the supplier, which generated approximately $185 million in sales last year, according to HTT's Top 15 Suppliers report. In a release, Genstar indicated it was attracted by American Pacific's design capability, brand portfolio, market position and supply chain. The supplier operates global sourcing offices in Shanghai, Hong Kong, New Delhi, Karachi and Istanbul.
"The company grew double-digit through the recent recession, and with the economy improving and personal income rebounding, we expect the company to continue to exhibit strong growth," said Jean-Pierre Conte, Genstar's chairman and managing director.
American Pacific will use the financial infusion to accelerate investments in supply chain management, brand building and product extensions, according to Greg Block, American Pacific CEO.
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