DENVER and AIKEN, S.C. — Lion Equity Partners, a Denver-based private equity firm specializing in acquiring corporate carve-outs, reports that its affiliate, Lion Equity Holdings II LLC, has acquired Riegel Linen LLC from Mount Vernon Mills Inc.
Terms of the deal were not disclosed.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s,” says Jim Levitas, co-founder and partner of Lion Equity Partners.
“The company has been on the leading edge of innovative textile product development for decades, which provides a strong foundation for future growth, both organically and through strategic add-on acquisitions.”
Riegel Linen is an importer, manufacturer and supplier of tablecloths, napkins, sheets, towels, bedding and other linens for hotels, restaurants, linen suppliers, retailers and healthcare customers.
The company is headquartered in Aiken, S.C., and operates a manufacturing facility in McCormick, S.C., and a network of salespeople and warehouses strategically located across the United States.
Bill Josey, who was with Mount Vernon Mills for 35 years, has been named CEO of Riegel Linen.
“Mount Vernon Mills has been a great owner and remains a great American textile company,” he says. “We are excited to partner with Lion Equity and embrace our entrepreneurial heritage, which will allow us to invest in new product development and expand into new markets.”
“Our customers will continue to enjoy working with the same great people on our team and getting the quality products and service that has made Riegel an industry leader,” says Chris Gowdy, vice president of sales and marketing.