Foamer FXI bought by One Rock Capital

Foam producer FXI is being acquired by an affiliate of Los Angeles-based One Rock Capital Partners LLC.

One Rock is purchasing FXI from private equity partnerships managed by New York-based MatlinPatterson Global Advisers LLC and Black Diamond Capital Management LLC in Greenwich, Connecticut.

Financial terms were not disclosed. The transaction is expected to close during the fourth quarter of this year.

Headquartered in Media, Pennsylvania, FXI is a leading provider of foam solutions driven by consumer insights and state-of-the-art research and development. The company operates 18 facilities throughout the United States and Mexico. FXI’s foam products are used in a variety of end markets, including bedding, furniture, transportation, medical, filtration and acoustics.

“We were attracted to the unique positioning of FXI in the marketplace, its strong reputation and its excellent product lineup,” said R. Scott Spielvogel, a managing partner of One Rock. “We look forward to working with FXI management to continue to enhance the company’s product offerings and grow the business.”

Tony Lee, a managing partner of One Rock, added, “We are excited to work alongside John Cowles (FXI president and chief executive officer) and the rest of the management team and employees to build upon the company’s strong foundation.”

FXI’s current management team members, led by Cowles, 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.”

Jefferies LLC and Rothschild Inc. served as merger and acquisition advisers on the deal, and Sullivan & Cromwell LLP served as legal counsel to FXI. Hogan Lovells US LLP served as legal counsel to One Rock.