CHEVY CHASE, Md.--(BUSINESS WIRE)--SSINC Holdings, Inc. (formerly known as Swift Spinning, Inc.) (“Swift” or the “Company”) is pleased to announce the sale of substantially all of the assets of the Company to an undisclosed third party. Swift is owned 100% by the Swift Spinning, Inc. Employee Stock Ownership Trust (the “ESOP”). The Company produces combed and carded ring spun yarns for hosiery, specialty weaving, and knitted apparel markets. The Company was a former affiliate of Blackstreet Capital Management, LLC (“Blackstreet”). The ESOP acquired the Company from an affiliate of Blackstreet in 2013. Blackstreet is led by Managing Partner, Murry Gunty.
“We are excited for the new opportunities available to the employees and wish them continued success with the new owners of the business,” said Ric Miller, Chairman of the Board.
Murry Gunty, Board Member of Swift, also said, “Since our initial investment in Swift in 2007, we have watched the company develop and grow and are proud of what the employees have accomplished over the past 10 years.”
Swift produces combed and carded ring spun yarns for hosiery, specialty weaving, and knitted apparel markets. The Company was founded in 1906 and is based in Columbus, Georgia.
Blackstreet is a Chevy Chase, Maryland-based private equity firm and registered investment adviser. Blackstreet focuses on control investments in corporate orphans and “storied” companies in transition with $25 to $150 million of revenue. To date, Blackstreet has invested in 40 companies with combined sales in excess of $1.5 billion and over 8,000 employees.