Lion Equity Partners Acquires Riegel Linen
Lion Equity Partners, a Denver-based private-equity firm specializing in acquiring corporate carve-outs, recently announced that its affiliate, Lion Equity Holdings II LLC, acquired Riegel Linen LLC from Mount Vernon Mills Inc. Financial terms of the transaction were not disclosed, according to a news release.
Riegel Linen is a leading importer, manufacturer and supplier of tablecloths, napkins, sheets, towels, bedding and other linens for hotels, restaurants, linen suppliers, retailers and healthcare customers. Riegel is headquartered in Aiken, SC, operates a manufacturing facility in McCormick, SC, and has a network of salespeople and warehouses strategically located across the United States.
Bill Josey, who was with Mount Vernon Mills for 35 years, has been named CEO of Riegel Linen. “Mount Vernon Mills has been a great owner and remains a great American textile company,” Josey said. “We are excited to partner with Lion Equity and embrace our entrepreneurial heritage, which will allow us to invest in new product development and expand into new markets.”
Jim Levitas, co-founder and partner of Lion Equity Partners, added that, “Riegel is a premier brand that has been associated with quality textiles since the mid-1800s. The company has been on the leading edge of innovative textile product development for decades, which provides a strong foundation for future growth, both organically and through strategic add-on acquisitions.”
According to Riegel Linen Vice President of Sales & Marketing Chris Gowdy, “Our customers will continue to enjoy working with the same great people on our team and getting the quality products and service that has made Riegel an industry leader.”