Polyester Fibers, LLC Announces Management Buyout

              Polyester Fibers, LLC Announces Management Buyout

New company offers precision-engineered, nonwoven polyester materials for
applications in filtration, manufacturing, and retail

PR Newswire

CONOVER, N.C., July 8, 2014

CONOVER, N.C., July 8, 2014 /PRNewswire/ -- Polyester Fibers LLC, a leading
North American manufacturer of nonwoven polyester materials, today announced
that it has completed a management-led buyout from its parent company, Empire
Investment Holdings. The buyout was funded by Polyester Fibers' management
team and financing was provided by JPMorgan Chase, a leading global financial
services firm, and Salem Investment Partners, an investment firm focused on
strategic investments in the Mid-Atlantic and Southeast regions of the United

Polyester Fibers is a leading manufacturer and distributor of
precision-engineered, nonwoven polyester materials for the filtration,
furniture and bedding, automotive, craft, and seasonal markets in North
America, Europe and Asia. Nonwoven materials are a durable, flexible, low cost
media ideally suited for numerous applications used daily by consumers,
manufacturing, and industry in the United States and throughout the world.

"Owning a company with high quality products and long standing customer
relationships gives us a platform to unleash enormous potential," said Keith
White, President & CEO of Polyester Fibers. "That potential will drive
increased market share as we focus on continuous innovation and expansion of
our line of quality products to better serve our customers' needs."

"Polyester Fibers is a great example of the kind of company we look for as
investors, bringing a cohesive, experienced management team, strong client
relationships and a solid track record of performance year-after-year," said
David Faris, Partner, Salem Investment Partners. "Their industry experience
puts them in a unique position to expand their customer base and accelerate
growth in their key focus areas."

Terms of the management buyout were not disclosed.

About Polyester Fibers
Headquartered in Conover, North Carolina, Polyester Fibers®, LLC is a leading
manufacturer of precision-engineered, nonwoven materials in the United
States. Now in its 46^th year, the company manufactures products for
filtration, furniture and bedding, automotive, industrial, and retail
customers. The company operates nine manufacturing and distribution
facilities across five operating units: Tupelo Fibers®, Cameo Fibers®,
Cumulus Fibres®, Mountain Mist®, and Buffalo Batt®. Polyester Fibers services
thousands of customers in the United States, Europe, and Asia including many
Fortune 500 companies. For more information, please visit www.poly-fibers.com

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.5 trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of consumers in the United States and many of the world's most
prominent corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about JPMorgan Chase & Co. is available
at www.jpmorganchase.com.

About Salem Investment Partners
Salem Investment Partners is a private investment firm specializing in
providing debt and equity capital for growth financings, acquisitions,
buyouts, recapitalizations, and ownership transitions in lower middle-market
companies. The firm seeks to invest in business and information services,
communications and media, consumer products, distribution and manufacturing,
and healthcare services. Salem Investment Partners was founded in 1999 and is
based in Winston Salem, North Carolina with an additional office in Charlotte,
North Carolina. For more information, please visit www.salemip.com.

Press Contact

Darren White
Media Relations
828-459-7064 ext 12

SOURCE Polyester Fibers LLC

Website: http://www.poly-fibers.com
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