The Crypton Companies (Crypton LLC & Nanotex LLC), leading providers of performance fabrics in the contract, home furnishings and apparel markets, today announced that Berkley Capital, LLC has acquired a majority stake.
Berkley Capital—the private equity investment vehicle of W. R. Berkley Corporation, a Fortune 500 property and casualty insurance company—will become majority owners of the new entity to be formed from the acquisition. In addition to capital, Berkley brings management expertise to guide Crypton and Nanotex as it expands its global reach.
“We chose to partner with Crypton and Nanotex because of their global reputation for performance and strong brand recognition,” said Frank Medici, president of Berkley Capital and chairman of the board of the new company. “By working with their established and proven management team, Berkley will be able to build upon the strong foundation that the Crypton team have built and help bring the organization to its next evolution in producing performance products for the home, contract, apparel and other businesses.”
Company co-founders Craig and Randy Rubin, and Lance Keziah, president of The Crypton Companies, will retain minority ownership. Craig and Randy Rubin will carry the titles of Founder and Vice Chairman of the new company, with Randy serving as primary brand ambassador and Craig will continue to advise the company in the areas of research and development and plant processing. Keziah will assume the role as CEO and will manage all aspects of the business.
“Craig, Randy and the rest of the talented management team have built a company that is synonymous with performance from its employees to its products,” said Thomas Ghegan, Berkley Capital managing director and director of the new company along with Lance Keziah and Craig Rubin. “We are excited to work with this innovation-oriented team that is committed to continuing to lead the textile industry by producing top-quality performance fabrics and technologies.”
The new company will continue to be headquartered in Bloomfield Hills, Michigan, maintain operations from its research and manufacturing plant in Kings Mountain, North Carolina, and continue with its operations in Hong Kong.
The development allows Crypton and Nanotex to bring greater value to its clients as it looks to dramatically expand sales, including new business lines and applications.
“By partnering with Berkley Capital, we will be able to accelerate our goal of making our brands household names,” said Randy Rubin. “We see this as an amazing opportunity for our company and will enable us to reach our full potential. I look forward to continuing my role as a Brand Ambassador to maximize our growth.”