2013-12-11 Guangdong

PGI building new facility around Guangdong China to expand it's medical nonwovens production ,this new project integrate PGI china existing production lines expected to be start total production next year end.All the invest amount 35 million US dollars.

Polymer Group Inc (PGI) announced that it has reached an agreement to sell certain assets of its Difco Performance Fabrics Inc operating unit of its Oriented Polymers Division to TenCate Protective Fabrics Americas. As a result, operations at PGI's Montreal offices and Magog manufacturing facility will cease by this fall. The transaction is consistent with PGI's stated strategy to increase focus on its core businesses. Among the assets being purchased by TenCate are all of Difco's brand names and other intellectual property associated with Difco's protective fabrics product portfolio.

The acquisition will enable TenCate, the recognized leader in protective fabrics, to further expand its position in the Canadian protective fabrics market and throughout North America as a whole by combining best practices and product lines to meet the market's evolving needs, TenCate said in a statement. The acquisition process is expected to be completed in the near future. No further financial details will be published in this phase.

American Capital, Ltd. announced that in December 2012 its portfolio company Potpourri Group, Inc. acquired Cuddledown, Inc., a leading multi-channel retailer of high-end bedding related products.  PGI is a multi-brand direct marketer offering a broad product line of distinctive home decor, casual apparel, gifts and unique accessories through catalogs and the internet.

"Cuddledown's product offering and merchandising expertise in the high-end bedding market makes the company an excellent addition to PGI's diverse product mix and will give PGI the opportunity to expand into the bedding product sector," said Brian Graff, American Capital Senior Vice President and Senior Managing Director.

American Capital first invested in PGI in 2005.  Formed in 1998, Chelmsford, MA-headquartered PGI is a catalog company with 13 diverse brands catering primarily to women.  Through its portfolio, PGI offers a broad product line of distinctive home decor, casual apparel, gifts and accessories that are unique or difficult to find in other outlets.

Cuddledown sells high quality synthetic and down-filled comforters, pillows, sheeting and sleepwear.  The company was founded in 1973 and is based in Yarmouth, ME.

"PGI's management team has significant experience successfully integrating additional brands into its portfolio, fueling organic revenue growth and realizing considerable cost savings," said Helen Yang, American Capital Principal, Buyouts Group.

Helen adds, "PGI's portfolio of 13 diverse brands caters to one of the largest, fastest growing and attractive demographics in the country: middle-to-upper-middle income female baby boomers.  The addition of Cuddledown adds valuable diversification to PGI's current merchandise mix and its similar customer demographics are expected to promote future growth."

"We have developed a great relationship with American Capital since their initial investment in 2005 and look forward to continuing to work together on this exciting opportunity for PGI," said PGI President and CEO Jonathan Fleischmann.