AltAssets reported earlier this month that the asset was on the block as Sun probed for an exit from the business it has held since 2008.
Frontier Spinning is one of the world’s largest producers of spun yarns for the knitting and weaving industries, with its products being used in sportswear, underwear, socks, sweaters, denim and home furnishings.
Sun Captial co-CEO Mark Leder said, “Frontier’s emergence as the second-largest cotton spinner in the US validates the success and progress the company has achieved under our ownership.
“We are confident the company is well-positioned for continued growth as a result of its increased plant capacity, streamlined manufacturing footprint, optimized productivity, and expanded product line.”
Sun Capital is currently looking for strong exits as it attempts to boost fundraising for its latest flagship vehicle, which had raised just over half of its $3bn target for its latest fund in mid-October.
The firm had initially hoped to close the vehicle before the end of last year.
It was buoyed last week through its agreement to sell Captain D’s Seafood Restaurant to mid-market firm Centre Partners in a deal reported to make it eight-times its initial investment.
Copyright © 2013 AltAssets