Denver, CO and Aiken, SC (October 31, 2019) – Lion Equity Partners, a Denver-based private equity firm specializing in acquiring corporate carve-outs, announced that its affiliate, Lion Equity Holdings II, LLC, acquired Riegel Linen, LLC (“Riegel Linen”) from Mount Vernon Mills, Inc. (“Mount Vernon Mills”).
Riegel Linen is a leading importer, manufacturer, and supplier of tablecloths, napkins, sheets, towels, bedding and other linens for hotels, restaurants, linen suppliers, retailers, and healthcare customers. Riegel is headquartered in Aiken, SC, and operates a manufacturing facility in McCormick, SC and a network of salespeople and warehouses strategically located across the United States.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s,” said 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.”
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. 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.”
According to VP of Sales & Marketing, Chris Gowdy, “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.”
Financial terms of the transaction were not disclosed.
About Lion Equity Partners:
Lion Equity Partners is a Denver, CO based private equity firm focused on acquiring controlling interests in middle-market businesses across multiple industries. Lion Equity specializes in acquiring divisions of larger corporations, and has significant experience in the divestiture process. Lion Equity’s investment strategy is centered on creating value in its portfolio companies through a combination of organic growth and add-on acquisitions. Lion Equity supports its portfolio companies with strategic and financial resources, operational guidance, and M&A expertise.
About Riegel Linen:
Riegel Linen has been making Worry-Free Textiles since 1838. Riegel, through its market leading innovation and global distribution capabilities, has developed a rich heritage of delivering quality textile products to the hospitality, linen supply, retail and healthcare sectors. Product collections include high-end cotton products in its DiRōNA® collection, blended products in the Beauti-Damask collection as well as Permalux®, RieNu® by Riegel and the industry leading, Premier® Spun Polyester by Riegel. Riegel is a market leader in product innovation, including technical breakthroughs in fiber formation and color retention, and enabling products to endure the heavy wear and tear of the commercial laundering environment.
Chris Gowdy, VP Sales & Marketing
Organization: Riegel Linen
Aaron M. Polack, Head of Business Development
Organization: Lion Equity Partners