Reedcapital, a private industrial holding, announced that it has completed on November 14, 2016, through RDC 15, the sale of 95% of Cordtech International SAS, to Porcher Industries, a leading international group in the technical textiles sector.
Cordtech International is a known provider of cord technologies for the tire and mechanical rubber goods applications in Europe. Cordtech International was acquired by ReedCapital in 2015 from Milliken Group.
Over the past year, Reedcapital and the management of the portfolio company successfully worked to create a stand-alone company and stabilized the business to a strong and stable profitability through a series of operational and commercial initiatives. Reedcapital will keep a minority stake and will assist in the smooth transition of the business.
Renaud Delaage, Reedcapital’s Managing Partner stated : « We are all incredibly proud of our investment in Cordtech International and what we have been able to achieve together with the leadership team and staff of Saint Julien. This transformation has been a real success and Cordtech International is now ready to move up to a new dimension with Porcher Industries and to pursue its growth. »