Empire Investment Holdings has sold out Polyester Fibers LLC which is headquartered in Conover a leading North American manufacturer and distributor of nonwoven polyester materials to certain senior members of management.

The management-led takeover of Polyester Fibers from its parent company, Empire Investment Holdings has been successfully completed. The takeover was funded by Polyester Fibers' management team and financing was provided by JPMorgan Chase and Salem Investment Partners.

Polyester Fibers is a leading manufacturer 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.

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.

Owning a company with high quality products and long standing customer relationships gives them a platform to set free mammoth potential that will drive increased market share as they focus on continuous innovation and expansion of their line of quality products to better serve customers' needs, said Keith White, President & CEO of Polyester Fibers.

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

JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. While, 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.