MEDIA, Pa.—Flexible foam company FXI will be acquired by private equity firm One Rock Capital Partners L.L.C. for an undisclosed price, according to a company statement.
The deal is expected to close later this year.
Media-based FXI, currently owned by Matlin Patterson Global Advisers L.L.C. and Black Diamond Capital Management L.L.C., operates 18 facilities across the U.S. and Mexico. Its current management team, led by CEO John Cowles, will remain in place, according to the tentative terms of the deal.
"We are confident that our expertise, combined with the 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," Cowles said in a statement.
FXI's product lines serve the bedding, furniture, industrial, health care and transportation markets. According to statements issued by One Rock's managing partners, FXI's reputation within the marketplace and its growth potential made it an attractive acquisition.
"On behalf of the entire One Rock team," Managing Partner Tony Lee said in a news release, "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."