Crypton Companies acquired by Berkley Capital
April 3, 2017,
BLOOMFIELD HILLS, Mich. – The Crypton Companies (Crypton LLC and Nanotex LLC), providers of performance fabrics in the contract, home furnishings and apparel markets, announced that Berkley Capital LLC has acquired a majority stake.
Berkley Capital will become majority owners of the new entity to be formed from the acquisition. Company co-founders Craig and Randy Rubin, and Lance Keziah, president of The Crypton Companies, will retain minority ownership. Craig and Randy Rubin will carry the titles of founder and vice chairman of the new company, with Randy serving as primary brand ambassador, while Craig will continue to advise the company in the areas of research and development and plant processing. Keziah will assume the role as CEO and will manage all aspects of the business.
See Related Article: Crypton wins Best Innovation Award at ITA Awards Gala
Berkley Capital is the private equity investment vehicle of W. R. Berkley Corporation, a Fortune 500 property and casualty insurance company. In addition to capital, Berkley brings management expertise to guide Crypton and Nanotex as it expands its global reach.
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.
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.
See Related Article: Crypton expands design, merchandising team
“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 into 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,” said Craig Rubin.
“This is a very exciting time for our company and employees. 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 continue to bring value to our customers,” said Keziah.
“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.”
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