Fabric Producer Crypton Acquired by Private Equity Firm

April 5, 2017  by Larry Thomas in Business Strategy, Industry   

Berkley officials said Crypton co-founders Craig and Randy Rubin, as well as Crypton Companies President Lance Keziah, will retain a minority stake in the new entity.

Craig and Randy Rubin will carry the titles of founder and vice chairman of the new company, with Randy serving as primary brand ambassador and Craig continuing to advise the company in the areas of research and development and plant processing.

Keziah will become CEO and will manage all aspects of the business.

Officials said the move significantly enhances the growth strategy of Crypton and Nanotex and enables the company to bring greater value to its clients as it looks to dramatically expand sales. This investment will allow for more expansion in new business lines and applications for both the Crypton and Nanotex businesses.

“By partnering with Berkley Capital, we will be able to accelerate our goal of making our brands household names,” said Randy Rubin. “We see this as an amazing opportunity for our company and will enable us to reach our full potential. I look forward to continuing my role as a brand ambassador to maximize our growth.”

“Berkley brings with them a deep knowledge and vision of where our company could go in its next stage of growth, so it was an ideal scenario to partner with them to move our company forward along the existing business lines now and for future ones under development,” added Craig Rubin.

“This is a very exciting time for our company and employees," said Keziah. "Berkley is a great partner that fits well with our culture and growth initiatives. I look forward to leading the company and closely working with the Berkley team to accelerate our growth strategy and continuing to bring value to our customers.

The new company will continue to be headquartered in Bloomfield Hills, Mich., maintain operations from its state-of-the art research and manufacturing plant in Kings Mountain, N.C., and continue with its operations in Hong Kong.

Frank Medici, president of Berkley Capital will become chairman of the board of the new company, while Berkley Capital Managing Director Thomas Ghegan will be a director along with Keziah and Craig Rubin.

“We chose to partner with Crypton and Nanotex because of their global reputation for performance and strong brand recognition,” said Medici. “By working with their established and proven management team, Berkley will be able to build upon the strong foundation that the Crypton team have built and help bring the organization to its next evolution in producing performance products for the home, contract, apparel and other businesses.”

Berkley Capital is the private equity investment vehicle of W. R. Berkley Corporation (NYSE: WRB), a Fortune 500 property and casualty insurance company.