Media, Pennsylvania – FXI, a US flexible foam company, is to be sold by owners MatlinPatterson Global Advisers and Black Diamond Capital Management to One Rock, a private equity firm.
No financial terms for the deal, which is slated to complete in the fourth quarter of 2017, were revealed.
FXI operates 18 facilities across the US and Mexico. It’s current management team led by CEO John Cowles will remain in place if all goes to plan.
One Rock managing partner, Scott Spielvogel said he was ‘attracted to the unique positioning of FXI in the marketplace, its reputation and its product lineup.’ He also promised to improve the ‘company’s products and grow the business.’
Cowles said: ‘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.’