Sheertex owner finds buyer following strategic review

Srtx Inc, the Canadian materials innovator that makes rip-resistant tights under the Sheertex brand, has found a buyer, months after announcing a strategic review to strengthen the business and support its long-term potential.

In a statement, Srtx said it has entered into a definitive agreement with Montreal-based manufacturer and wholesaler, A.Y.K International Inc., which specialises in socks, hosiery, women's apparel, and heated apparel, and owns hosiery brands Secret and Silks.

The move will see A.Y.K International supporting the continuation of the Sheertex brand and the commercialisation of Srtx's proprietary materials technology.

Dan Abitan, chief executive officer of A.Y.K International Inc., said: "We have long admired Sheertex, not only for its innovation, but for its deep commitment to its craft and its customers.

"We are pleased to welcome Sheertex into the A.Y.K. family, where the brand's expertise and advanced technology will become part of our organisation as we invest in its long-term stability and growth."

Srtx, a B Corp certified company, is best known for its Sheertex rip-resistant knit, made from one of the world's strongest polymers, which has revolutionised hosiery. However, in recent months, the company has been struggling financially and even had to reduce its workforce, and its chief executive Sophie Boulanger stepped down less than two months into the role.

Srtx will seek court approval of the transaction in the coming weeks under Canada’s Bankruptcy and Insolvency Act.