From Rubber & Plastics NewsNewton Square, Pennsylvania-Private equity investor Graham Partners Inc. has acquired Line-X Inc., a franchiser of technology for spray-on polyurethane/polyurea hybrid pickup truck bed linings, from its family owner in a deal valued at more than $57 million.Santa Ana, California-based Line-X franchises more than 550 locations nationwide. The purchase package is composed of $52.1 million in senior secured notes and a $5 million revolver, the firms said.Newton Square-based Graham Partners is a private equity firm that focuses on acquiring and investing in privately held middle-market manufacturing companies. Among its holdings are three other plastics processing companies. It is being supported by Allied Capital Corp., a business development company with total assets of more than $3000 million.Jeri Harman, managing director of Allied Capital, described Line-X as an industry leader that has grown significantly since moving to a franchise program in 2000/2001. "The company has also benefited from a shift away from drop-in bedliners to spray-on bedliners, which have superior performance and appearance characteristics," Harman said in a prepared statement."
