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Polyester Fibers, LLC Announces Management Buyout

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SOURCE Polyester Fibers LLC

New company offers precision-engineered, nonwoven polyester materials for applications in filtration, manufacturing, and retail

CONOVER, N.C., July 8, 2014 /PRNewswire/ -- Polyester Fibers LLC, a leading North American manufacturer of nonwoven polyester materials, today announced that it has completed a management-led buyout from its parent company, Empire Investment Holdings. The buyout was funded by Polyester Fibers' management team and financing was provided by JPMorgan Chase, a leading global financial services firm, and Salem Investment Partners, an investment firm focused on strategic investments in the Mid-Atlantic and Southeast regions of the United States.

Polyester Fibers is a leading manufacturer and distributor of precision-engineered, nonwoven polyester materials for the filtration, furniture and bedding, automotive, craft, and seasonal markets in North America, Europe and Asia. Nonwoven materials are a durable, flexible, low cost media ideally suited for numerous applications used daily by consumers, manufacturing, and industry in the United States and throughout the world.

"Owning a company with high quality products and long standing customer relationships gives us a platform to unleash enormous potential," said Keith White, President & CEO of Polyester Fibers. "That potential will drive increased market share as we focus on continuous innovation and expansion of our line of quality products to better serve our customers' needs."

"Polyester Fibers is a great example of the kind of company we look for as investors, bringing a cohesive, experienced management team, strong client relationships and a solid track record of performance year-after-year," said David Faris, Partner, Salem Investment Partners. "Their industry experience puts them in a unique position to expand their customer base and accelerate growth in their key focus areas."

Terms of the management buyout were not disclosed.

About Polyester Fibers
Headquartered in Conover, North Carolina, Polyester Fibers®, LLC is a leading manufacturer of precision-engineered, nonwoven materials in the United States.  Now in its 46th year, the company manufactures products for filtration, furniture and bedding, automotive, industrial, and retail customers.  The company operates nine manufacturing and distribution facilities across five operating units:  Tupelo Fibers®, Cameo Fibers®, Cumulus Fibres®, Mountain Mist®, and Buffalo Batt®.  Polyester Fibers services thousands of customers in the United States, Europe, and Asia including many Fortune 500 companies. For more information, please visit www.poly-fibers.com

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About Salem Investment Partners
Salem Investment Partners is a private investment firm specializing in providing debt and equity capital for growth financings, acquisitions, buyouts, recapitalizations, and ownership transitions in lower middle-market companies. The firm seeks to invest in business and information services, communications and media, consumer products, distribution and manufacturing, and healthcare services. Salem Investment Partners was founded in 1999 and is based in Winston Salem, North Carolina with an additional office in Charlotte, North Carolina. For more information, please visit www.salemip.com.

Press Contact

Darren White
Media Relations
828-459-7064 ext 12

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