Charlotte-based nonwovens producer Polymer Group Inc. (PGI) has agreed to be purchased by an
affiliate of Blackstone Capital Partners V LP, a New York City-based private investment and
advisory firm. The total value of the transaction is not clear, but holders of PGI common stock
will receive approximately $15.25 per share upon closing, plus a ratable share of additional monies
upon their release from an escrow account that will be set up to cover certain potential
tax-related obligations. The transaction is expected to be finalized before the end of
first-quarter 2011.
“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.”
“Polymer Group is an attractive company because of its leading position in the nonwovens
industry and its strong footprint in high growth developing markets,” said Chinh E. Chu, a senior
managing director of Blackstone. “The Company has a talented management team, which we believe has
much to achieve with our support and financial resources.”
October 5, 2010
