Radnor-based Milestone Partners' John Nowaczyk says in this statement that his firm on April 30 "completed a recapitalization" of Spartanburg, S.C.- and Philadelphia-based Martex Fiber Southern Corp. (MFSC), in partnership with Martex cofounder and boss Jimmy Jarrett, plus loans from Sovereign Bank NA (senior debt facilities) and THL Credit Inc. (sub).

Milestone didn't announce the value of its investment. But on May 3, the Securities and Exchange Commission posted this filing showing Milestone raised $15.5 million for "MFSC Holdings Corp." "Yes, same deal," Nowaczyk confirmed.
Martex recycles clothing-factory waste into fibers and yarns. Martex cofounder Marty Zeldin, who headed the firm's 12-person Philadelphia financial office among other, will remain on the board but retire from fulltime duties, said Nowaczyk. Jarrett stays on as president and director, in charge of facilities in South Carolina and Georgia. "Our primary focus remains serving our customers," Jarrett added in the statement.
The law firm Pepper Hamilton LLP advised Milestone Partners while Blank Rome LLP and Holcombe Bomar, P.A. advised Martex and its investors.