Fort Mill, SC, Sept. 5—Springs Industries, Inc. has completed a recapitalization merger with the Close family, the descendents of the founders of Springs, and an affiliate of Heartland Industrial Partners, L.P., a private equity firm.

As a result of the merger, each outstanding share of Springs common stock held by public shareholders has been converted into the right to receive $46 in cash.

Shares of Springs class A common stock will cease trading on the New York Stock Exchange as of the close of the market today. Public shareholders of record of Springs common stock as of the closing of the merger will receive written instructions on how to surrender their shares of common stock for payment. The value of the recapitalization transaction, including the assumption of debt, was in excess of $1.2 billion.

Crandall C. Bowles will remain chief executive officer of the company and she along with L.S. Close, president and chief executive officer of Sandlapper Fabrics, Robert Lee, managing director of Sheffield Merchant Banking Group, and Heartland Industrial Partners’ David Stockman (senior management director), W. Gerald McConnell (senior managing director), and Daniel P. Tredwell (senior managing director), will comprise the board of directors of Springs Industries.

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