Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client Troy, LLC to PET Fiber, LLC (dba Fiberworx). The acquisition closed August 4, 2020 and details were not disclosed.
Troy, LLC, located in Harrisville, West Virginia, is a manufacturer of non-woven fabrics, primarily used for liners & under-carpet mats in a variety of vehicles.
Located in Cleveland, Ohio, Fiberworx manufactures innovative nonwoven products that are on the leading edge of acoustic and thermal protection in various markets. Harnessing diverse technical abilities and an innovative research and development department, they utilize recycled and virgin materials to create clean and lightweight fibers used in numerous commercial applications. They offer products that are highly engineered to match the specification of each customer.
According to the Fiberworx press release, “This is a very exciting time for both companies, for our employees, and our customers. We are forging a new company with enhanced experience, expertise, and capability. Fiberworx and Troy are two highly compatible companies. We hold similar values and business philosophies. Now, we come together to become a more diversified nonwoven supplier able to offer lofted materials and needled felts to automotive and industrial markets. Though both locations will be doing business as Fiberworx, you can rely on the same personal working relationships that you have built in the past. You will be dealing with the same people and can depend on the same quality of work”.
Generational Equity Executive Managing Director of M&A - Central Region, Michael Goss and his team, led by Managing Director, Mergers & Acquisitions, Jerry Yocum, with support from Managing Director, Mergers & Acquisitions, Ryan Johnson successfully closed the transaction. Executive Managing Director Randy Kamin established the initial relationship with Troy, LLC.
“This was a difficult and complex transaction to complete, but both the buyers and sellers worked through all the issues, including the pandemic, to get it over the finish line. I am happy for all parties involved.” said Yocum.
If you’d like to explore other transactions our associates have supported in the automotive industry, visit our dedicated automotive industry M&A deals page.
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