Business Description:

Swift Spinning, LLC currently owns the majority of the stock in Swift Spinning, Inc.

Swift Spinning, Inc. (“Swift”), based in Columbus, Georgia is a $55 million producer of carded and combed ring spun yarn.  Swift serves the hosiery, knitting and weaving markets. The Company specializes in quick turnaround, low volume orders and can produce a wide variety of high quality yarn counts.  Swift has 360 employees and two manufacturing facilities, which produce more than 40 million pounds of cotton every year.

Transaction Background:

Swift was established in 1906 and was purchased by Marubeni Corporation, a Japanese conglomerate, in 1991.  Marubeni had invested a lot of time and resources in the Company without reaping any returns and was looking for an exit.  Due to the decline in the domestic textile industry there was not sufficient interest in the auction for the Company which allowed Blackstreet, along with existing management, to purchase Swift at a significant discount to net asset value.

Investment Thesis:

Blackstreet believes Swift is in the right market niche and can be very competitive in the textile industry in the Western Hemisphere.  The Company has state of the art equipment, a lean manufacturing process and is well capitalized, all of which will allow it to survive even during market slowdowns.  In addition, Blackstreet believes there are significant opportunities to offer innovative yarn products and better serve Swift’s existing customers. Swift has strong existing management in place and the potential to grow pounds of yarn shipped annually.