TEXTILES.ORG
Snow Peak Capital LLC, a private equity firm, announced the sale of Dalco-GFT Nonwovens, a leading manufacturer of needle-punched nonwoven specialty fabrics, to Arvind Advanced Materials Ltd. Arvind Advanced Materials is a wholly owned subsidiary of Arvind Ltd., a leading global textiles and advanced materials company headquartered in Ahmedabad, India. Snow Peak Capital and Joey Duncan, CEO of Dalco-GFT, will retain a minority equity stake in the company and continue to serve as CEO.
Headquartered in Conover, N.C., Dalco-GFT manufactures specialty light- and heavyweight nonwoven fabrics for a diverse customer base across the automotive, furniture and bedding, geotextile and industrial markets. Since Snow Peak’s investment in 2022, Dalco-GFT has continued to build on its strong foundation through investments in new equipment, expanded manufacturing capacity, operational enhancements, additions to the management team, and continued diversification of its customer base.
“Dalco-GFT is an excellent example of how Snow Peak seeks to partner with founder-led industrial businesses,” says Steve Yager, managing partner at Snow Peak. “Since our initial investment, we have worked closely with Dalco-GFT’s leadership team to help build long-term value, and we are pleased to continue to have a stake in the firm.”
“Joey Duncan, Matt Sims, and the entire Dalco-GFT team have built a highly respected platform with deep technical expertise, strong customer relationships, and differentiated manufacturing capabilities,” says Anthony Chirikos, partner at Snow Peak. “We are proud to have supported the company’s growth and believe Arvind is an ideal strategic owner for Dalco-GFT’s next chapter.”
“The acquisition of Dalco-GFT marks a transformational milestone in Arvind Advanced Materials Ltd.’s journey. Through this transaction, we are entering the world’s largest technical textile market with a platform that is both technologically aligned and operationally strong. The continued participation of the existing shareholders reflects strong alignment and confidence in the future of the business,” says Punit Lalbhai, vice chairman of Arvind Ltd.
Lincoln International served as sell-side advisor to Snow Peak Capital in connection with the transaction.