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Nonwovens / Technical Textiles

Blackstone Finalizes PGI Acquisition

Scorpio Acquisition Corp. — an affiliate of Blackstone Capital Partners V LP, New York City — has acquired Charlotte-based nonwovens producer Polymer Group Inc. (PGI).

"The sale to Blackstone is the culmination of our strategic review process and we believe that this transaction represents the best value alternative available to our stockholders," said Veronica "Ronee" M. Hagen, CEO, PGI. "Blackstone is committed to supporting our strategy of continued growth and investment in proprietary capabilities in our markets around the globe. The leadership team and all of the employees of PGI are excited to begin the next chapter at PGI and to maintain our position as a global industry leader."

March/April 2011