Ancor Capital Partners Announces Partnership with Mid-West Textile
Ancor Capital Partners is pleased to announce a partnership with Mid-West Textile, a leading textile recycling and grading operation that sells its finished product across multiple domestic and international sales channels.
SOUTHLAKE, Texas, May 9, 2022 /PRNewswire-PRWeb/ — Ancor Capital Partners (“Ancor”) is pleased to announce a partnership with Mid-West Textile (“Mid-West” or the “Company”), a leading textile recycling and grading operation that sells its finished product across multiple domestic and international sales channels. The transaction was finalized on April 20, 2022 and the terms of the transaction were not disclosed.
Mid-West reduces post-consumer waste by efficiently collecting, sorting, and grading donated textiles that are then sold across multiple sales channels including numerous international markets, domestic markets, and thrift retail channels. Leveraging decades of experience in the recycled textile markets, Mid-West’s leadership team has curated a strong raw material supply chain, a proprietary and disciplined grading/sorting production strategy, and a robust international export network that relies on Mid-West to provide them with highly sought-after graded and sorted U.S. clothing.
Founded in 1982 and headquartered in El Paso, Texas, Mid-West Textile has created a vertically integrated position as one of the largest players in the secondhand clothing industry that is in the early stages of long-term secular growth. Mid-West’s efficient textile grading operation and numerous developed sales channels places the Company in an enviable position to capitalize on the need for an environmentally friendly solution to the increasing volume of textiles sent to landfills across the U.S.
Following the partnership with Ancor, Mid-West plans to vertically integrate its own supply chain by acquiring various collection operations that supply high-quality donated goods as well as the development of additional sales channels. One of the Company’s key strategic initiatives is to own a meaningful percentage of its own supply of donated raw materials over time.
“Adding Mid-West to the Ancor portfolio fits directly in line with our investment mandate and playbook – taking established, successful companies and accelerating their position in their respective markets,” commented Austin Henderson, Partner at Ancor Capital Partners. “We are excited to partner with Management and continue to optimize the Company’s supply chain of raw materials, scale their proprietary textile grading process, and continue to establish additional sales channels. We appreciate the value Mid-West provides to the U.S. in the form of reducing textile waste and we look forward to improving upon the strong foundation the Company has created to grow alongside the emerging circular fashion economy and the accelerated global demand for U.S. secondhand clothing.”
“After more than a 13-year relationship, we cannot be more thrilled to officially partner with Mid-West Textile. The Company has built a compelling, vertically integrated business model and has become one of the leading providers of secondhand U.S. clothing across the world”, said J. Randall Keene, Ancor’s Founding Partner.
“We are excited to partner with Ancor as we execute our next phase of growth,” said John Paben, co-Founder, and CEO of Mid-West. “We have worked to build a data-driven company that is a leader in the growing sustainability movement providing high-quality secondhand U.S. clothing to countries around the world. I am confident Ancor’s strategies align with our vision for continuing to develop new sales channels and securing more of our raw material supply over time. Ancor’s extensive operating experience, decades of experience investing in the lower middle market, and suite of resources will help Mid-West capitalize on the opportunities ahead.”
Ancor partnered with Ironwood Capital to finance the transaction with subordinated debt and co-invested equity.
About Ancor Capital Partners:
Ancor Capital Partners is a Dallas-based private investment firm with 25+ years of experience investing in lower middle market companies. Ancor is focused on helping companies reach their next level of growth. Ancor’s experienced investment team has the acumen, expertise, and resources to invest wisely in existing successful companies through private equity buyouts. As a seasoned operating partner, Ancor works to operationally optimize businesses, maximize growth opportunities, and instill a lasting culture. With a proven track record of over 50 successful acquisitions to date, Ancor targets investments in the healthcare, industrials, consumer staples, and emerging industries. For more information, please visit: http://www.ancorcapital.com.
About Mid-West Textile:
Mid-West is a leading textile recycler, retailer, and grader that provides an array of clothing and housewares for international export, domestic wholesale, and thrift retail end-markets. Mid-West reduces post-consumer waste while creating new supply chains for organizations in the U.S. and around the world. For more information, please visit: https://mid-westtextile.com/.
Justin Cueto, Ancor Capital Partners, 1 817-509-0733, [email protected]
SOURCE Ancor Capital Partners
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.