Radnor, Pennsylvania – FXI has completed the purchase of Innocor. The $850 m deal was announced in March 2019.
'This is an incredibly exciting day for FXI,' said Harold Earley, the company's CEO.
He pledged that the new company will continue to invest in R&D to develop new products, chemistries, processes, and applications. 'The new FXI will leverage our combined expertise to deliver comfort, wellness, and style to consumers,' he said.
FXI will continue as a supplier to leading mattress-in-a-box companies. It also plans to continue to grow Innocor's Novaform and Sleep Innovations mattress brands, with a focus on innovation and value.
Now headquartered in Radnor, Pennsylvania, FXI has to sell three plants within 10 days of the completion to satisfy the Federal Trade Commission. The plants are located in Kent, Washington; Elkhart, Indiana; and Tupelo, Mississippi. The sale will be to privately held Future Foam.
After the divestment, FXI will 34 make and distribute foam in 34 US North American locations. It employs about 4150 people.
One Rock Capital Partners is FXI's controlling shareholder, and will be the majority shareholder of the combined company. Bain Capital Private Equity, which was Innocor's majority owner, will continue to hold a minority stake in the new company.