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13/06/2002
Local businessmen behind Adria acquisition
Private equity group, Amicus Partners has acquired a majority stake in Adria, the UK's largest private label hosiery manufacturer.
Dr Terry McCartney, Amicus Partner and Chairman of Adria - a role that he will continue - commented that this transaction would provide stability to nearly 1,300 employees at its two plants in Strabane and Campsie in County Londonderry. He said: "We are confident that - despite some difficulties in the UK textile manufacturing sector - we will not only maintain but significantly grow this already successful business."
Commenting on the deal, Leslie Morrison, Chief Executive of Invest NI which will become a minority stakeholder in the business, said: "Invest NI are supporting this company's business plan by taking a significant stake in the new business because of the successful track record of the management team and their commitment to increase the capability of the company to add significant value to its operations."
Adria supplies ladies, children's and men's hosiery to major high street stores throughout the British Isles and North America.
Amicus Partners was established three years ago by a group of Northern Ireland businessmen including Terry McCartney.
(MB)
Dr Terry McCartney, Amicus Partner and Chairman of Adria - a role that he will continue - commented that this transaction would provide stability to nearly 1,300 employees at its two plants in Strabane and Campsie in County Londonderry. He said: "We are confident that - despite some difficulties in the UK textile manufacturing sector - we will not only maintain but significantly grow this already successful business."
Commenting on the deal, Leslie Morrison, Chief Executive of Invest NI which will become a minority stakeholder in the business, said: "Invest NI are supporting this company's business plan by taking a significant stake in the new business because of the successful track record of the management team and their commitment to increase the capability of the company to add significant value to its operations."
Adria supplies ladies, children's and men's hosiery to major high street stores throughout the British Isles and North America.
Amicus Partners was established three years ago by a group of Northern Ireland businessmen including Terry McCartney.
(MB)
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