Management, Meriturn Acquire Johnston Businesses
Meriturn Partners LLC, Raleigh, N.C., and San Francisco, and a management team led by President and
CEO L. Gene Cone have acquired Phenix City, Ala.-based Johnston Industries Inc.'s fabric and
testing businesses and formed Johnston Textiles Inc. Fleet Capital Corp., an asset-based lender
with offices nationwide, provided a $24.5 million senior secured credit facility to finance the
buyout and provide working capital for the new company.
"We have a great team of textile associates, and it is wonderful to be able to preserve the 850 jobs we will have in the new company," Cone said. "We have the resources we need to compete and grow profitably in all of our core markets, and financially the new Johnston Textiles will be strong."