The Lycra Company says financial institutions comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright Limited (New Shareholders) have gained full equity control of the company. The current management team will continue to run the business with full shareholder support.
The change of equity control follows the conclusion of the receivership process that started in February when the New Shareholders initiated an enforcement action against Ruyi Textile and Fashion International Group Limited, the former parent of The Lycra Company, for loan defaults associated with its purchase in January 2019.
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With its new ownership and governance in place, US-based Lycra Company and its brands, including Lycra, Coolmax and Thermolite, plan to focus on accelerating its vision, including sustainable solutions that advance circularity, strategic technology partnerships to develop and scale up a wider range of innovative materials, and ongoing digital transformation initiatives.
This is fully supported by the company’s new shareholders who are said to have a proven track record of financing and investing in companies across Asia and globally and working with boards of directors on business and operational plans to enhance long-term value creation. The new shareholders say they are committed to further helping The Lycra Company strengthen its financial position and enable its long-term growth.
Julien Born, CEO of The Lycra Company, who continues to run the business with full shareholder support, says: “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”
A spokesperson for the new shareholders adds: “We fully support The Lycra Company’s world-class management team and their continued stewardship of The Lycra Company. The Lycra Company is in a strong financial position, has a solid foundation for long-term growth, and we look forward to working with the team to provide continued support for The Lycra Company’s future growth.”
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By GlobalData