Nester Hosiery builds on domestic manufacturing strength with new investment
June 16, 2017
Mt. Airy, NC – Nester Hosiery, the world’s most technologically advanced outdoor sock producer, today announced plans to spur growth in its Farm to Feet brand and expand its private label business through an investment made by Aiglon Capital Management and Merit Capital Partners.
“The team at Aiglon values the strength of our domestic manufacturing and sees great potential in Farm to Feet,” said Kelly Nester, Nester Hosiery Chief Executive Officer. “This investment gives us the resources to expand our capabilities and build on our private label and branded businesses.”
Founded in 1993 and based in Mt. Airy, NC, Nester Hosiery is a leading domestic manufacturer of premium performance outdoor wool socks driven by technology and sustainability. The company produces private label, licensed, and branded socks under its Ballston and Farm to Feet brands.
“We are excited to be working with the Nester family to continue growing the business and facilitating its expansion,” noted Richard Griffin, Managing Partner at Aiglon. “This is our first investment from our North Carolina value fund, and we could not be happier to be partnering with a very impressive management team.”
Following the recapitalization, which closed on June 9, the Nester family retained a major stake in the company. Additionally, several Nester Hosiery senior managers joined the company’s ownership group.
Nester Hosiery currently produces socks for over two dozen leading brands and retailers, and holds the sock license for both the Woolrich brand and Rocky Brands’ divisions of Rocky Outdoor, Georgia Boot and Durango.
In 2013 they launched Farm to Feet, which is committed to the single, simple goal of creating the world’s best socks by exclusively using an all-American recipe: US materials, US manufacturing, and US workers. The brand quickly gained market share and has become a leader in the outdoor market due to its mastery of the full craft of sock-making; unsurpassed comfort, perfect fit, guaranteed durability, innovative design, and a significant range of construction types.
About Nester Hosiery
Nester Hosiery – the world’s most technologically advanced outdoor sock producer – designs and manufactures the most innovative socks in the world. The company is located in Mount Airy, North Carolina, near the foothills of the Blue Ridge Mountains, where it is an important employer and economic driver for the area. Nester Hosiery is a key manufacturer in the outdoor industry, operating state-of-the-art knitting, finishing, and packaging equipment to make premium outdoor performance socks for leading outdoor brands and retailers as well as under its own Farm to Feet brand. Customers value the company’s superior manufacturing capabilities as well as its commitment to social and environmental responsibility. Learn more at www.nesterhosiery.com and www.farmtofeet.com.
About Aiglon Capital
Aiglon acquires and grows lower middle-market companies with at least $2 million of operating cash flow. Aiglon’s transactions provide liquidity for individual owners, their families, outside investors, and corporate owners. Founded in 2014 and based in Durham, NC, the firm’s current portfolio includes Nester Hosiery, Consolidated Lumber Company, US Medical Innovations, and Carter-Waters. For additional information, please visit www.aigloncapital.com or contact us at firstname.lastname@example.org.
About Merit Capital Partners
Merit Capital Partners has managed over $2.0 billion of capital since 1993 through six institutionally-sponsored limited partnerships investing mezzanine and equity capital in middle-market companies principally in manufacturing, distribution and services industries. Merit typically invests with management teams and independent sponsors in recapitalizations, acquisitions, management buyouts, and internal expansions. Merit generally invests between $15 million and $60 million in companies with minimum EBITDA of at least $4 million. For more information on Merit Capital Partners, please visit www.meritcapital.com.