From Home Furnishing Business
Private Equity Firm Buys Foam Producer FXI
Polyurethane foam producer FXI said it has agreed to be acquired by an affiliate of the private equity firm One Rock Capital Partners for an undisclosed sum.
One Rock is buying the company from private equity partnerships managed by MatlinPatterson Global Advisers LLC and Black Diamond Capital Management, L.L.C. The transaction is expected to close during the fourth quarter of 2017.
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," said Cowles. "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.”
Headquartered in Media, Pa., FXI provides innovative foam solutions driven by consumer insights and state of the art research and development. It 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.
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.”