NEW YORK (July 20, 2012)—Private equity firm Snow Phipps Group L.L.C. has purchased LTI Flexible Products Inc. from Sentinel Capital, another New York-based equity company.
Terms of the deal weren't disclosed.
Also known as LTI Boyd, the Modesto, Calif.-based rubber product maker designs, produces and distributes high performance, custom engineered components to original equipment manufacturers in the heavy truck, recreational vehicle, enterprise electronics, off-highway, aerospace, consumer electronics, medical and other industrial markets.
The deal gives it the chance “to acquire a highly respected company with an experienced management team poised to execute on a significant number of attractive growth opportunities,” according to Ian Snow, Snow Phipps managing partner.
Jay Twombly, a Snow Phipps operating partner, will join LTI Boyd as non-executive chairman of the board.
Sentinel said during its ownership LTI Boyd's revenue increased nearly five-fold through organic growth and three acquisitions. “We have been fortunate to partner with LTI Boyd's talented management team and wish them continued success as they enter their next stage of growth,” said John McCormack, a Sentinel senior partner.