Snow Peak Capital, LLC (Snow Peak), a private equity firm focused on middle-market businesses, announced the sale of Dalco-GFT Nonwovens (Dalco-GFT), a manufacturer of needlepunched nonwoven specialty fabrics, to Arvind Advanced Materials Limited (AAML), a wholly owned subsidiary of Arvind Limited (Arvind), a global textiles and advanced materials company headquartered in Ahmedabad, India. Snow Peak and Joey Duncan, Dalco-GFT’s chief executive officer, will retain a minority equity stake in the company.

Headquartered in Conover, NC, Dalco-GFT manufactures specialty light- and heavyweight nonwoven fabrics for a diverse customer base across the automotive, furniture and bedding, geotextile and industrial markets. Since Snow Peak’s investment in 2022, Dalco-GFT has continued to build on its strong foundation through investments in new equipment, expanded manufacturing capacity, operational enhancements, additions to the management team and continued diversification of its customer base.

“Dalco-GFT is an excellent example of how Snow Peak seeks to partner with founder-led industrial businesses,” says Steve Yager, managing partner at Snow Peak. “Since our initial investment, we have worked closely with Dalco-GFT’s leadership team to help build long-term value, and we are pleased to continue to have a stake in the firm.”

“Joey Duncan, Matt Sims and the entire Dalco-GFT team have built a highly respected platform with deep technical expertise, strong customer relationships, and differentiated manufacturing capabilities,” adds Anthony Chirikos, partner at Snow Peak. “We are proud to have supported the company’s growth and believe Arvind is an ideal strategic owner for Dalco-GFT’s next chapter.”

Duncan will continue to lead Dalco-GFT as chief executive officer and Sims will remain president.

“We value Snow Peak’s partnership and support in building Dalco-GFT into a stronger and more capable organization,” Duncan says. “The investments made during Snow Peak’s ownership have positioned the company for continued success, and we are excited to join with Arvind as we enter our next phase of growth. Arvind brings global scale, deep technical textile expertise and a strong strategic commitment to advanced materials, creating significant opportunities for our employees and customers.”

Punit Lalbhai, vice chairman of Arvind Limited, says, “The acquisition of Dalco-GFT marks a transformational milestone in AAML’s journey. Through this transaction, we are entering the world’s largest technical textile market with a platform that is both technologically aligned and operationally strong. The continued participation of the existing shareholders reflects strong alignment and confidence in the future of the business.”