BLOOMFIELD HILLS, MICH. -- Crypton Inc. has acquired Nano-Tex in a cash transaction. 

Crypton Inc. Chairman Randy Rubin announced the acquisition of the textile technology, according to a press release from the company Jan. 6. Rubin said Nano-Tex puts Crypton Inc. in the apparel business, a much bigger market than either residential or contract upholstery.

Nano-Tex provides performance finishes for such consumer brands as Gap, Target, Maidenform, Bass Pro Shops, Nordstrom, Land’s End, Fisher Price and others.

Crypton purchased the brand from private equity and venture capital investors; WL Ross and Co. LLC as major stockholders and Norwest Venture Partners, Masters Capital Nanotechnology Fund, Firelake Capital Management and Masters Capital Management. Rubin called it a “strategic acquisition.”

“This is a strategic acquisition as we extend our market share with apparel throughout the world,” said Rubin. “The intellectual properties and latest development, Aquapel®, a non-fluorinated repellency treatment, is very exciting to our research team...The pairing of two great performance textile brain trusts will only be enhanced by the shared technology of the two companies. We will each bring new resources to this union, which will only strengthen us both in the retail and contract marketplace.”

Wilbur Ross, Jr., Chairman of WL Ross, said the deal will ensure that Nano-Tex continues on a “strong growth trajectory.” His company manages $9 billion of funds and, aside from investing in textiles, it has clients in financial services, steel, energy, shipping, automotive components and other industries.

“We are extremely pleased by Crypton’s acquisition,” he said. “This assures that NANO-TEX will continue on a strong growth trajectory. Its expanding market reach and prominence will further enhance the competitiveness of WL Ross’s companies in the consumer and industrial fabrics industries, too; the goal that sparked our initial investment interest in Nano-Tex eight years ago.”

As a result of the purchase, Nano-Tex will now be headquartered in Bloomfield Hills, Mich. at The Crypton Companies facility. It will maintain its sales operations in the U.S., Asia, India and Europe. Nano-Tex will also keep its distributions centers in the U.S., Hong Kong, Belgium and Mainland China, according to the press release. 

The Crypton Companies has provided patented, environmentally friendly, textile performance solutions for over two decades. It boasts more than 100 million yards of its Crypton fabrics installed in commercial and residential applications globally to ensure stain, moisture and microbial resistance.