Bain Capital Private Equity has purchased Red Bank, New Jersey-based Innocor Inc. from Sun Capital Partners Inc.
Financial terms of the deal were not disclosed.
Innocor is a foam components supplier to the bedding industry and other sectors, as well as a finished products manufacturer supplying commercial and retail channels. Sun Capital formed Innocor in 2014 when it merged two of its holdings, foam bedding supplier Sleep Innovations and foamer Flexible Foam.
The existing management team, led by Carol Eicher, Innocor president and chief executive officer, will remain in place, according to a Bain news release.
Innocor operates 22 manufacturing and distribution facilities across the United States. Innocor Comfort, its consumer products division, distributes the Sleep Innovations, Novaform and other brands. Innocor Foam Technologies is the name of its components division.
“Our innovative foam technologies have served as the core foundation for a broad range of products that enable our customers to deliver unrivaled comfort and quality to consumers,” Eicher said. “We have made significant progress over the past few years and believe we have significant upside potential to expand and deepen relationships with our customers in both the commercial and retail channels. We believe Bain Capital Private Equity’s resources, capabilities and insights across the industrial, retail and consumer channels will give us an important advantage as we continue to grow our business and deliver innovation to our customers.”
Stephen Thomas, a managing director with Bain Capital Private Equity, said: “We believe Innocor is well-positioned to continue to develop innovative products that enable its customers to meet increasing consumer demand for the comfort that foam bedding and furniture offer. We look forward to partnering with this capable management team as they continue to build on Innocor’s success and pursue opportunities to accelerate growth.”
