New York-based Cerberus Capital Management today announced an agreement to buy Guilford Mills off the public market for a cash total of $107 million (€86 million).
The Greensboro, North Carolina maker of fabrics emerged from Chapter 11 bankruptcy less than 18 months ago.
Guilford’s board has approved the transaction, according to a press release. The company is led by president and chief executive officer John Emrich.
Cerberus has roughly $12 billion in funds and accounts under management.
A year ago, the firm acquired Fila Holding, an Italian manufacturer of footwear and apparel for sport and leisurewear, from Holding di Partecipazioni Industriali for $351 million.
In 2002, Cerberus joined Fortress Investment Group and JC Flowers in the acquisition of Conseco Finance from bankrupt insurance and lending giant Conseco, a Thomas H Lee Partners portfolio company that had received $500 million from the Boston buyout firm.