AFFC Holdings, Inc., a newly formed company sponsored by an investor group comprised of The Sterling Group, L.P., Genstar Capital, L.P. and Laminar Direct Capital, L.P., today announced it has reached an agreement with a BP company to acquire BP’s Amoco Fabrics and Fibers subsidiary and its associated assets. As with other Sterling, Genstar and Laminar Direct Capital investments, management of the purchased company will also be participating significantly in the ownership of the newly independent organization. AFFC Holdings has not yet selected a name for the business. The transaction is expected to be finalized in the fourth quarter of 2004. Financial details of the transaction are not being disclosed.
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