<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )(1)
Polymer Group, Inc.
------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
--------------------------------------
(Title of Class of Securities)
731745 10 5
-----------
(CUSIP Number)
- ------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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- ----------------------- ---------------------
CUSIP NO. 731745 10 5 13G PAGE 2 OF 19 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Golder, Thoma, Cressey Fund III Limited Partnership
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: [ ]
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Illinois
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 7,109,096 (See Item 4)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
7,109,096 (see Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
22.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 731745 10 5 13G PAGE 3 OF 19 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Golder, Thoma, Cressey & Rauner, L.P.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: [ ]
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Illinois
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 7,109,096 (See Item 4)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
22.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 731745 10 5 13G PAGE 4 OF 19 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Bruce V. Rauner
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: [ ]
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 7,109,096 (See Item 4)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
22.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 731745 10 5 13G PAGE 5 OF 19 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Bryan C. Cressey
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: [ ]
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 7,109,096 (See Item 4)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
22.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 731745 10 5 13G PAGE 6 OF 19 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
Carl D. Thoma
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: [ ]
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 7,109,096 (See Item 4)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
7,109,096 (See Item 4)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
22.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1(a) Name of Issuer:
--------------
Polymer Group, Inc. (the "Company")
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
4838 Jenkins Avenue
North Charleston, SC 29405
Item 2(a) Names of Persons Filing:
-----------------------
Golder, Thoma, Cressey Fund III Limited Partnership
Golder, Thoma, Cressey & Rauner, L.P.
Bruce V. Rauner
Bryan C. Cressey
Carl D. Thoma
Golder, Thoma, Cressey Fund III Limited Partnership ("GTC") is the
record owner of the shares of common stock covered by this
statement. GTC is managed by its general partner, Golder, Thoma,
Cressey & Rauner, L.P. ("GTCR"). Dispositive and voting power of
securities owned by GTC and managed by GTCR is shared by Bruce V.
Rauner, Bryan C. Cressey and Carl D. Thoma, each a general partner
of GTCR. GTC, GTCR and Messrs. Rauner, Cressey and Thoma are
collectively referred to herein as the "Reporting Persons."
Item 2(b) Address of Principal Business Office or, if none, Residence:
-----------------------------------------------------------
The principal business address of the Reporting Persons is 6100
Sears Tower, Chicago, Illinois, 60606-6402.
Item 2(c) Citizenship:
-----------
GTC and GTCR are limited partnerships organized under the laws of
the State of Illinois. Messrs. Rauner, Cressey and Thoma are
citizens of the United States.
Page 7 of 19 Pages
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Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $.01 per share.
Item 2(e) CUSIP No.:
---------
731745 10 5
Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
-------------------------------------------------------------------
check whether the person filing is a:
------------------------------------
This statement is filed pursuant to Rule 13d-1(c). As such, the
listed alternatives are not applicable.
Item 4 Ownership:
---------
(a) Amount Beneficially Owned:
GTC is the registered owner of 7,109,096 shares of Common Stock of
the Company (the "Shares"). GTCR is the general partner of GTC and
exercises investment and voting control over securities owned by
GTC. Investment and voting control over securities owned by GTC is
shared at GTCR by Messrs. Rauner, Cressey and Thoma. Thus, by
virtue of the investment and voting control exercised by GTCR as
general partner of GTC and shared by Messrs. Rauner, Cressey and
Thoma, each of the Reporting Persons may be deemed to beneficially
own the Shares. GTCR and Messrs. Rauner, Cressey and Thoma each
disclaim beneficial ownership of the Shares.
The Reporting Persons and certain other shareholders of the Company
are parties to a voting agreement, dated as of May 15, 1996 (the
"Voting Agreement"). The Voting Agreement provides that the parties
thereto will vote in the same manner on certain issues, including
the election of directors. Collectively, the parties to the Voting
Agreement own 46.3% of the outstanding Common Stock of the Company.
Each of the Reporting Persons disclaims beneficial ownership of the
shares of Common Stock owned by the other parties to the Voting
Agreement. Appendix A, which is incorporated herein by reference,
sets forth the following information with respect to each party to
the Voting Agreement: (i) name, (ii) address of principal
Page 8 of 19 Pages
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business office, and (iii) the number of shares of Common Stock
owned by such party.
(b) Percent of Class: (Based on 32,000,000 shares outstanding)
22.2%
(c) Number of Shares as to which such person has:
(i) Sole power to vote or to direct the vote:
None
(ii) Shared power to vote or to direct the vote:
7,109,096 (GTC, GTCR and Messrs. Rauner, Cressey and Thoma)
(iii) Sole power to dispose or to direct the disposition of:
None
(iv) Shared power to dispose or to direct the disposition of:
7,109,096 (GTC, GTCR and Messrs. Rauner, Cressey and Thoma)
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is filed to report the fact that as of the date
hereof, the Reporting Persons have ceased to be the beneficially
owners of more than five percent of the class of securities, check
the following [ ].
Item 6 Ownership of More Than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
Not applicable
Page 9 of 19 Pages
<PAGE>
Item 7 Identification and Classification of the Subsidiary Which Acquired
------------------------------------------------------------------
the Security Being Reported on By the Parent Holding Company:
------------------------------------------------------------
Not applicable
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not applicable
Item 10 Certification:
-------------
Not applicable
Page 10 of 19 Pages
<PAGE>
EXHIBITS AND APPENDICES
Exhibit I Joint Filing Agreement among the Reporting Persons pursuant to
Rule 13d-1(f) under the Securities Exchange Act of 1934, as
amended.
Appendix A Schedule setting forth (i) name, (ii) address of principal
place of business, and (iii) the number of shares of Common
Stock owned by each party to the Voting Agreement.
Page 11 of 19 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 1997
Golder, Thoma, Cressey Fund III Limited Partnership
By: Golder, Thoma, Cressey & Rauner, L.P.
Its: General Partner
By: /s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
Its: General Partner
Page 12 of 19 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 1997
Golder, Thoma, Cressey & Rauner, L.P.
Its: General Partner
By: /s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
Its: General Partner
Page 13 of 19 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 1997
/s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
Page 14 of 19 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 1997
/s/ Bryan C. Cressey
-----------------------------------
Print Name: Bryan C. Cressey
Page 15 of 19 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 1997
/s/ Carl D. Thoma
-----------------------------------
Print Name: Carl D. Thoma
Page 16 of 19 Pages
<PAGE>
EXHIBIT I
---------
SCHEDULE 13G JOINT FILING AGREEMENT
The undersigned and each other person executing this joint filing
agreement (this "Agreement") agree as follows:
(i) The undersigned and each other person executing this Agreement are
individually eligible to use the Schedule 13G to which this Exhibit is attached
and such Schedule 13G is filed on behalf of the undersigned and each other
person executing this Agreement; and
(ii) The undersigned and each other person executing this Agreement
are responsible for the timely filing of such Schedule 13G and any amendments
thereto, and for the completeness and accuracy of the information concerning
such person contained therein; but none of the undersigned or any other person
executing this Agreement is responsible for the completeness or accuracy of the
information statement concerning any other persons making the filing, unless
such person knows or has reason to believe that such information is inaccurate.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all of which, taken together, shall
constitute one and the same instrument.
* * * * *
Date: February 13, 1997
Golder, Thoma, Cressey Fund III Limited Partnership
By: Golder, Thoma, Cressey & Rauner, L.P.
Its: General Partner
By: /s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
Its: General Partner
Page 17 of 19 Pages
<PAGE>
Golder, Thoma, Cressey & Rauner, L.P.
Its: General Partner
By: /s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
Its: General Partner
/s/ Bruce V. Rauner
-----------------------------------
Print Name: Bruce V. Rauner
/s/ Bryan C. Cressey
-----------------------------------
Print Name: Bryan C. Cressey
/s/ Carl D. Thoma
-----------------------------------
Print Name: Carl D. Thoma
Page 18 of 19 Pages
<PAGE>
APPENDIX A
Parties to the Voting Agreement
-------------------------------
<TABLE>
<CAPTION>
Address of Principal Number of Shares
Name Business Office of Common Stock
- ---------------------------- --------------------------- ----------------
<S> <C> <C>
Jerry Zucker 4838 Jenkins Avenue 1,430,329
North Charleston, SC 29405
James G. Boyd 4838 Jenkins Avenue 476,771
North Charleston, SC 29405
The InterTech Group, Inc. 4838 Jenkins Avenue 3,599,557
North Charleston, SC 29405
Golder, Thoma, Cressey c/o Golder, Thoma, Cressey, 7,109,096
Fund III, L.P. Rauner, Inc.
6100 Sears Tower
Chicago, IL 60606-6402
Chase Manhattan Investment One Chase Manhattan Plaza 1,152,131
Holdings, Inc. New York, NY 10081
FTG, Inc. 4838 Jenkins Avenue 261,651
North Charleston, SC 29405
Leeway & Co. c/o State Street Bank and 795,838
Trust Co.
Master Trust Division-Q4W
P.O. Box 1992
Boston, MA 02110
</TABLE>
Page 19 of 19 Pages
