• David Perry

One Rock Capital to acquire FXI

MEDIA, Pa. – Foam producer FXI said it will be acquired by an affiliate of One Rock Capital Partners from private equity partnerships managed by MatlinPatterson Global Advisers and Black Diamond Capital Management. Financial terms were not disclosed. The transaction is expected to close during the fourth quarter of 2017, officials said.

Based here, FXI currently operates 18 facilities throughout the U.S. and Mexico. FXI’s foam products are used in a variety of end markets including bedding, furniture, transportation, medical, filtration and acoustics.

Commented Greg Ethridge, senior partner of MatlinPatterson and chairman of FXI’s Board of Directors: “We have enjoyed our excellent partnership with FXI and, given FXI’s commitment to delivering innovative products and manufacturing excellence, we are confident that FXI will continue to succeed.”

FXI’s current management team, led by John Cowles, president and CEO, will continue in their current roles.

“This is a very exciting new chapter for our company, our customers and our employees,” Cowles said. “Our management team and employees have worked very hard these past few years to grow and expand our business and to deliver for our customers. We are confident that our expertise, combined with the strategic 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.”

David PerryDavid Perry | Executive Editor, Furniture Today

Hi, online readers. I'm David Perry, executive editor of Furniture/Today, and the writer on the mattress beat. Get my musings on mattresses on our web site and on my Twitter feed. And let me know what you would like me to write about in the wonderful world of mattresses.

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