The LYCRA Company announced that a group of financial institutions, comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright Limited (“New Shareholders”), have gained full equity control of the company.
LYCRA is based near Wilmington.
The change of equity control follows the receivership process that started in February when the New Shareholders initiated an enforcement action against Ruyi Textile and Fashion International Group Limited, the former parent of The LYCRA Company, for loan defaults associated with its purchase of The LYCRA in January 2019. LYCRA had been sold by Koch Industries (Invista) which acquired LYRCRA as part of the nylon operation of DuPont
Brands include LYCRA, COOLMAX, and THERMOLITE. It also has more than 800 patents.
With its new ownership and governance in place, The LYCRA Company will continue to focus on accelerating the implementation of its vision, including sustainable solutions that advance circularity, strategic technology partnerships to develop and scale up a wider range of materials, and ongoing digital transformation initiatives, a release stated.
“I am thrilled to have the full support of our New Shareholders and incoming Board of Directors as we begin the next chapter in The LYCRA Company’s story,” said Julien Born, CEO of The LYCRA Company. “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”
“We fully support The LYCRA Company’s world-class management team and their continued stewardship of The LYCRA Company,” said a spokesperson for the New Shareholders. “The LYCRA Company is in a strong financial position, has a solid foundation for long-term growth, and we look forward to working with the team to provide continued support for The LYCRA Company’s future growth.”