Investor group to Purchase BP's Amoco Fabrics and Fibers business
AFFC Holdings Inc., a newly formed company sponsored by an investor group composed of The Sterling Group L.P., Genstar Capital L.P. and Laminar Direct Capital L.P., has reached an agreement to acquire BP's Amoco Fabrics and Fibers subsidiary and its associated assets. As with other Sterling, Genstar and Laminar Direct Capital investments, management of the purchased company will also be participating significantly in the ownership of the newly independent organization.
AFFC Holdings has not yet selected a name for the business. The transaction is expected to be finalized in the fourth quarter of 2004. Financial details of the transaction were not disclosed.