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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."

February 2004