Distressed-buyout specialist Sun Capital Partners has agreed to purchase Honeywell’s International’s Performance Fibers business.
Terms of the transaction were not disclosed, according to a statement.
The unit, to be renamed Performance Fibers, manufactures industrial strength polyester fibers and other materials in facilities in North Carolina and France as well as joint ventures in China and Korea. The company’s products are used in tire, engineered reinforcements, broad woven/narrow fabrics and rope. The business reported 2003 revenues of $368 million, according to the statement.
The deal was led by Sun Capital principal M. Steven Liff, who is based in the firm’s Los Angeles office.
Sun Capital, based in Boca Raton, Florida, and also operating offices in New York and London, was founded by managing directors Rodger Krouse and Marc Leder. Prior to forming Sun Capital in 1995, Krouse and Leder were both senior vice presidents at Lehman Brothers in New York.
Back in August, Sun teamed with Cerberus Capital Management, Lubert Adler and Klaff Partners in the acquisition of Mervyn’s, a chain of department stores in the western US, for $1.2 billion (€1 billion). The private equity group led by Sun Capital is putting approximately $400 million in equity into the deal.