MEDIA, Pa., Sept. 8, 2017 /PRNewswire/ -- FXI, a leading foam
producer, announced today that it will be acquired by an affiliate
of One Rock Capital Partners, LLC ("One
Rock") from private equity partnerships managed by
MatlinPatterson Global Advisers LLC ("MatlinPatterson") and Black
Diamond Capital Management, L.L.C. ("Black Diamond"). Financial
terms were not disclosed. The transaction is expected to close
during the fourth quarter of 2017.
Headquartered in Media, Pa.,
FXI is a leader in providing innovative foam solutions driven by
consumer insights and state of the art research and development,
and currently operates 18 facilities throughout the U.S. and
Mexico. FXI's foam products are
used in a variety of end markets including bedding, furniture,
transportation, medical, filtration and acoustics.
Greg Ethridge, Senior Partner of
MatlinPatterson and Chairman of FXI's Board of Directors,
commented, "We have enjoyed our excellent partnership with FXI and,
given FXI's commitment to delivering innovative products and
manufacturing excellence, we are confident that FXI will continue
to succeed."
FXI's current management team, led by John Cowles, President and CEO, will continue in
their current roles. "This is a very exciting new chapter for our
company, our customers and our employees. Our management team and
employees have worked very hard these past few years to grow and
expand our business and to deliver for our customers. We are
confident that our expertise, combined with the strategic resources
of One Rock, will allow us to
continue to build our product pipeline with innovative high-quality
products and to increase our speed to market."
Tony W. Lee, Managing Partner of
One Rock, commented, "On behalf of
the entire One Rock team, we are
excited to work alongside John
Cowles and the rest of the management team and employees to
build upon the company's strong foundation." One Rock Managing
Partner, R. Scott Spielvogel added,
"We were attracted to the unique positioning of FXI in the
marketplace, its strong reputation and its excellent product
lineup. With the involvement of One Rock Operating Partners John
Georges, Andrew Georges and
Mark Oakeson, we look forward to
working with FXI management to continue to enhance the company's
product offerings and grow the business."
Jefferies LLC and Rothschild Inc. served as M&A advisors,
and Sullivan & Cromwell LLP served as legal counsel, to FXI.
Hogan Lovells US LLP served as legal counsel to One Rock.
About FXI
FXI is a leading producer of foam innovation in the Bedding,
Furniture, Industrial, Healthcare, and Transportation markets. FXI
provides tailored solutions that are driven by consumer insights
and industry trends. Products include finished goods,
sub-assemblies, services and raw materials for OEMs,
fabricators and retailers.
About One Rock Capital Partners, LLC
One Rock makes controlling
investments in companies with potential for growth and operational
improvement using a rigorous approach that utilizes highly
experienced Operating Partners to identify, acquire and enhance
businesses in select industries. The involvement of these Operating
Partners affords One Rock the
ability to conduct due diligence and consummate acquisitions and
investments in all types of situations, regardless of complexity.
One Rock works collaboratively with
company management and its Operating Partners to develop a
comprehensive business plan focused on growing the enterprise and
enhancing its profitability to enhance long-term value.
One Rock also has a unique strategic
relationship with Mitsubishi Corporation, which can provide
strategic resources to One Rock and
its portfolio companies, including access to potential new business
partners, market intelligence, and low-cost sourcing through
increased purchasing power globally. For more information, visit
www.onerockcapital.com.
Contact
FXI: Stan Steinreich: Steinreich
Communications: 212-491-1600
One Rock: 212-605-6000
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SOURCE FXI