American Pacific sells controlling interest
May 31, 2004,
American Pacific Enterprises has sold a controlling interest to a private equity investment firm.
Privately held American Pacific was founded 20 years ago as a quilt resource, but since then has expanded into specialty bedding, bath accessories and window products. The company's licenses include Nautica, Liz Claiborne, Villager and Dockers, as well as its own brands, Suite 109 and Armoire. Sales last year were approximately $185 million, according to HTT's Top 15 Suppliers report.
"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, the supplier's CEO.
Genstar Capital typically invests in companies with $50 million to $500 million in revenues and a record of profitability. Target industries are life sciences, information technology, industrial technology and business services.