Witex USA announced that it has been acquired by an investment group comprosed of senior management, Chatham and KCA Capital, and Bill Hamlin, who will serve as the company's chairman.
The group has secured an increased line of credit from LaSalle Business Credit LLC and has purchased all outstanding shares of Witex USA from its parent company, Witex AG.
President and CEO Hartwig Siemerling, CFO Dan Thomas and Vice President of Sales Matt Thornton will continue with the company in their present roles. In addition, Witex USA operations will remain in Kennesaw, Ga., and Orlando, Fla.
According to Siemerling, the acquisition allows for financial independence while retaining a strong relationship with the parent company in Germany.