Primaloft has begun a management buyout for the Primaloft products business from its parent group, Albany International Corporation for $38 million. Michael Joyce, former President of Albany International’s Applied Technology Group, and member of the PrimaLoft senior management team is spearheading the buyout.
Prudential Capital Group, who has had a 20-year relationship with Albany International Corporation is supporting the purchase and providing financial backing.
The executive team has stressed that the transition will unnoticeable for the customer, but provide more streamlined and improved customer service. Primaloft management will remain at their location in Albany, New York. The buyout is set to be completed by the end of the second quarter.