Textile fibre manufacturer The Lycra Company has announced that a group of financial institutions have gained full control of the company after a series of enforcement actions against its previous owner, Ruyi Textile and Fashion International Group Limited.
The group, comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management and China Everbright Limited, collectively referred to as ‘New Shareholders’, took action following a number of loan defaults associated with Ruyi’s purchase of Lycra back in January 2019.
In a release, the company said its new ownership will allow it to continue accelerating its strategy, including the implementation of sustainable solutions through strategic technology partnerships, allowing it to scale into a wider range of materials.
It added that the New Shareholders are committed to further helping The Lycra Company strengthen its financial position and enable long-term growth.
“I am thrilled to have the full support of our New Shareholders and incoming board of directors as we begin the next chapter in The Lycra Company’s story,” said Julien Born, CEO of Lycra. “This new ownership structure provides the necessary backing from experienced investment professionals who share our long-term vision.”