Posted on March 24, 2014

 

BLOOMFIELD HILLS, Mich. – Crypton, Inc. has acquired Nanotex, a textile technology company that uses proprietary nanotechnology to enhance textiles at the molecular level.

 

Crypton Fabrics, a privately held, 20-year-old company based here, brought Nanotex from private equity and venture capital investors; WL Ross and Co. LLC as major stockholders; and Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management.

 

The company’s nanotechnology enhances textiles at the molecular level to provide permanent performance attributes such as stain and water resistance, moisture wicking, odor control, static elimination and wrinkle-free properties. The result is performance fabrics that maintain the original comfort, look and feel of the fabric and perform for the life of the product, according to the company.

 

Last year, Nanotex technologies were on $280 million in branded finished products at retail worldwide, the company said. Nanotex’s performance finishes have enhanced consumer brands such as GAP, Target, Maidenform, Bass Pro Shops, Nordstrom, Land’s End, Fisher-Price and more.

 

“We are extremely pleased by Crypton’s acquisition,” said Wilbur Ross Jr., Chairman of WL Ross. “This assures that Nanotex will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross’s companies in the consumer and industrial fabrics industries, too, the goal that sparked our initial investment interest in Nanotex eight years ago.”
 

The acquisition will extend Crypton’s market share with apparel throughout the world, according to Randy Rubin, chairman of The Crypton Companies.

 

“The intellectual properties and latest development, Aquapel®, a non-fluorinated repellency treatment, is very exciting to our research team,” Rubin said.

 

When Crypton entered the contract market in 1993, it provided an alternative to vinyl, which had been the go-to product for heavily used upholstered furniture. In revolutionizing performance textiles, Crypton opened the doors for new design opportunities to an entire industry, it said.

 

“The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies,” Rubin said. “We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace,” he added.

 

Nanotex will now be headquartered at The Crypton Companies here but will maintain sales operations in the U.S., Asia, India and Europe. In addition, the company will keep distribution centers in Hong Kong, Belgium, Mainland China, and the U.S. The technical transfer capabilities, provided from China and India, will be ongoing to ensure the continuity and expansion of the company’s global footprint, it said.

 

The Crypton Companies have provided patented, environmentally friendly, textile performance solutions since 1993. During that time, the cornerstone product of the business, CRYPTON Super Fabric, revolutionized the use of fabrics in the healthcare, hospitality, government, education and contract segments, according to the company. More than 100 million yards of Crypton fabrics are installed in commercial and residential applications worldwide, the company added.