Galey & Lord to sell Klopman to BS Private Equity for $47 million

Chicago, Nov. 26 - Galey & Lord, Inc. said it has received approval from U.S. Bankruptcy Court to complete the sale of its Klopman International Group to an investment group led by BS Private Equity in a sale valued at $47 million.

The sale is expected to close within the next 30 days, subject to the consent of the Tunisian authorities.

"The sale of Klopman is an important step in the company's continuing effort to focus on its core competencies in casual apparel fabrics. We wish all of our associates at Klopman continued success as a newly independent venture," said Arthur Wiener, Galey & Lord's chairman and chief executive officer, in a news release.

Klopman is a manufacturer and marketer of poly-cotton fabric, with headquarters in London, sales offices throughout Europe and manufacturing bases in Frosinone, Italy and Monastir, Tunisia.

Greensboro, N.C.-based Galey & Lord manufacturers of textiles for sportswear.

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