Sutlej Textiles and Industries Ltd (STIL) adds longstanding US textile leader American Silk Mills to its international portfolio
SUTLEJ TEXTILES TO ACQUIRE DESIGN, SALES & DISTRIBUTION BUSINESS OF AMERICAN SILK MILLS LLC
Sutlej Textiles and Industries Ltd (STIL) adds longstanding US textile leader American Silk Mills to its international portfolio.
HIGH POINT, North Carolina, October 18, 2017 — American Silk Mills announced today at High Point Market, that its design, sales and distribution business is being purchased by Sutlej Textiles and Industries Ltd (STIL) of Mumbai, India, thus adding this leading boutique designer and distributor of residential and contract textiles to Sutlej’s brand portfolio. Following the transaction, American Silk Mills will continue in all of its current business lines but will have now expanded operating and financial resources thus continuing its legacy as a domestic textile leader for over 120 years.
Founded in 1896, American Silk Mills remains among the oldest and most established American textile brands by designing, weaving and distributing innovative textiles for the residential, contract, transportation, and specialty markets. These products include innovative indoor/outdoor performance fabrics, fine jacquard textiles, the finest decorative silks, and luxurious velvets. American Silk Mills also has exclusive US distribution for Sensuede, a luxury brand of synthetic suedes.
Sutlej Textiles and Industries Ltd (STIL) is one of the largest integrated textile manufacturing companies in the world. This acquisition will accelerate the textile giant’s entrée into the American market. “Sutlej recognized American Silk’s outstanding industry reputation, the quality of our brand and our market presence. This transaction will allow American Silk to grow and modernize while maintaining its stature as a heritage brand and industry leader,” noted Chuck Cox, Chief Executive Officer of American Silk Mills.
“We are excited to partner with Sutlej Textiles.” said Cynthia Douthit, President of American Silk. “Increased investments in our infrastructure, inventory positions, technology and creative capital will position us to continue as a design leader, allow us to service our customers more efficiently and create and source enduringly beautiful textiles.”
Tractus Asia Ltd. and its partner ChinaPlus Capital Ltd., acted as investment consultants to American Silk and in concert with executive management negotiated the terms of the acquisition. The Waxman Law Firm of New York City served as counsel to the Company, and Fredrikson and Bryan of Minneapolis served as counsel to Sutlej.
“This is our first successful deal closing in India since partnering with ChinaPlus Capital at the beginning of 2017. We want to congratulate both Sutlej and American Silk on this deal which expands Sutlej’s reach in the U.S.A. and will help build this iconic U.S. textile brand globally” said, Mr. John Evans, Tractus Asia’s Managing Director.
About Tractus Asia
Tractus Asia Limited is an Asia-based foreign direct investment strategy and execution advisory firm with offices in Shanghai, Hong Kong, Chennai, Jakarta, Yangon, Singapore, Bangkok, and Ho Chi Minh City. Tractus’ Corporate Finance practice provides tailored solutions in the areas of fund raising, mergers and acquisitions, joint-ventures, pre-IPO preparation and planning, corporate governance and liability restructuring. For more information about Tractus Asia’s various practice areas, visit www.tractus-asia.com and follow us on LinkedIn.