ROSWELL, Ga. — Investment funds managed by Patriarch Partners LLC has acquired all of the assets of Best Textiles International Ltd. from GHCL Inc. As part of the Textile Platform of the Patriarch portfolio of operating companies, the new company will be known as Best Textiles LLC.
“The acquisition of Best was a strategic decision, as the company exponentially enhances specific synergies with other textile operations within our platform,” says Lynn Tilton, chief executive officer of Patriarch Partners.
Ben Shoaf has been named president and chief operating officer, and Edward W. Ricci will assume the role of chief executive officer.
“This change in ownership will allow Best Textiles to enjoy the individuality of a stand-alone company with the depth of management expertise and capital of a large portfolio of private equity operating companies,” Shoaf says. “We have spent the past 19 months reducing our overhead costs, streamlining our organization, and implementing an SAP software system to improve information management and customer service response time. It is now time to rebuild our company and to provide the level of service to our customers that they deserve and expect. We are grateful to our loyal customers and suppliers who provided deep support during this difficult transition period.”
“We are committed to seeing that Best Textiles regains its leadership position in the commercial textile market by providing strategic guidance and the resources needed for day-to-day operations,” Ricci adds. “We have confidence in the industry, in the management team, and its strong customer relationships, and we are looking forward to a mutually beneficial partnership.”
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