Albany, NY (June 29, 2012) — PrimaLoft, Inc., announced today that it has completed the acquisition of the assets of PrimaLoft from Albany International Corp.
PrimaLoft is the world leader in high performance insulations and yarns used in leading outdoor and fashion brands, home furnishings, work wear and military applications.
The purchase of PrimaLoft was led by Michael Joyce, former President of Albany International Corp.’s Applied Technology Group, and the PrimaLoft senior management team. The purchase of the PrimaLoft business was supported by Prudential Capital Group.
“Today is an exciting day for the PrimaLoft brand,” stated Michael Joyce, president and chief executive officer of PrimaLoft, Inc. “Over the last 20 years, PrimaLoft has grown to become the world leader in performance insulations and yarns. We’ve had an incredibly rich history with Albany International Corp, and now we look to the future and focus our efforts on unlimited opportunities to reinvest in the brand to drive innovation, grow brand awareness, elevate our partnerships and exceed the expectations of our world renowned customers.”
“We look forward to working with Michael Joyce, and the entire PrimaLoft team as they focus on driving long term growth for the brand,” said Paul Meiring, principal, Prudential Capital Partners.
The entire global PrimaLoft team will remain in place and offices will remain headquartered in Albany, New York; with European office locations in Ballo, Italy and Munich, Germany.
PrimaLoft insulation was originally developed for the US Army as a water-resistant synthetic alternative to down. Today, PrimaLoft is the research and development leader in high performance insulations and yarns, which provide warmth and comfort from head to toe. Its family of products is manufactured in the U.S., Europe and Asia. The PrimaLoft brand is recognized globally and is used in leading outdoor and fashion brands, home furnishings, work wear and military applications. For more information, please visit www.PrimaLoft.com.
About Prudential Capital Group:
Prudential Capital Group, an investment business of Prudential Financial, Inc. (NYSE:PRU), has been a leading provider of corporate and project finance to companies worldwide for more than 70 years. Managing a portfolio of $60 billion as of March 31, 2012, Prudential Capital Group offers senior debt and mezzanine capital, leverage leases, credit tenant leases, and equipment finance to companies, worldwide. Mezzanine and private equity financing is provided by Prudential Capital Partners. The global regional office network for Prudential Capital has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Minneapolis, Newark, N.J., New York, Paris and San Francisco. For more information, please visit www.prudentialcapitalgroup.com.