Denver and Aiken, S.C., OCTOBER 31, 2019 – The management team of the Riegel Consumer Products Division of Mount Vernon Mills Inc. (“MVM”) has partnered with Lion Equity Partners to carve out the business from MVM and stand alone as a new entity, Riegel Linen LLC (“Riegel”).
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, and operates a manufacturing facility in McCormick, SC and a network of salespeople and warehouses strategically located across the United States.
Bill Josey, president of the Riegel division and a 35-year veteran at MVM, was named CEO of Riegel as part of the transition.
“Riegel is a premier brand that has been associated with quality textiles since the mid-1800s,” Josey said. “This partnership will enable us to take advantage of growth opportunities in the markets we serve as well as explore new markets and product offerings.
“Mount Vernon Mills has been a great owner and remains a great American textile company,” he added. “We are excited about this entrepreneurial opportunity, which will make for a more robust manufacturing, sourcing and distribution solution for our customers.”
Riegel VP of Sales and Marketing Chris Gowdy said, “Our customers will continue to enjoy working with the same great people on our team and getting the quality products, innovations and first-class service that have made Riegel the industry leader.”
Financial terms of the transaction were not disclosed.
ABOUT LION EQUITY PARTNERS
Lion Equity Partners is a Denver, CO based private equity firm focused on acquiring controlling interests in middle-market businesses across multiple industries. Lion Equity specializes in acquiring divisions of larger corporations and has significant experience in the divestiture process. Lion Equity’s investment strategy is centered on creating value in its portfolio companies through a combination of organic growth and add-on acquisitions. Lion Equity supports its portfolio companies with strategic and financial resources, operational guidance, and M&A expertise.
Riegel Linen has been making Worry-Free Textiles since 1838. Riegel, through its market leading innovation and global distribution capabilities, has developed a rich heritage of delivering quality textile products to the hospitality, linen supply, retail and healthcare sectors. Product collections include high-end cotton products in its DiRōNA® collection, blended products in the Beauti-Damask collection as well as Permalux®, RieNu® by Riegel and the industry leading, Premier® Spun Polyester by Riegel. Riegel is a market leader in product innovation, including technical breakthroughs in fiber formation and color retention, and enabling products to endure the heavy wear and tear of the commercial laundering environment.