MODESTO, CALIF. (Aug. 3, 12:15 p.m. ET) — In a move that joins two makers of custom fabricated gaskets and sealing products, LTI Flexible Products has acquired Boyd Corp.
The deal was announced Aug. 1 by Sentinel Capital Partners, a New York private equity company that owns LTI Flexible Products.
The combined company generates sales of more than $150 million, said Scott Perry, vice president of Sentinel Capital.
Perry said Sentinel Capital bought Boyd from another private equity company, Stonebridge Partners of White Plains, N.Y., which purchased Boyd in 1998.
“They're very complementary businesses, and you end up with a very strong footprint in North America and globally as well,” he said.
The renamed company, LTI Boyd, is headquartered in Modesto, Calif., at Boyd's headquarters plant. Boyd also has manufacturing in Portland, Ore., Gaffney, S.C., and Shenzhen, China.
LTI runs four plants, Rogers, Minn., Fairburn, Ga., Elkhart, Ind., and Spokane, Wash.
Perry said all the locations will remain open.
Mitch Aiello, CEO of Boyd, now serves as CEO of LTI Boyd. He said the combined company offers “a one-stop solution” for customers.
LTI makes extruded, die-cut and molded flexible plastic and rubber sealing systems and related components, used by manufacturers of recreational vehicles, heavy trucks and agricultural and construction equipment.
Boyd serves the heavy truck, aerospace and medical markets by making seals and gaskets that give electromagnetic, acoustical and electrical shielding and thermal insulation.
Perry said LTI is primarily an extruder of plastic and rubber sealing that also does some converting and die-cutting. Boyd is much stronger in the converting and die-cutting side, he said.
Perry said LTI and Boyd have both acquired other sealing products makers to build their groups. The industry sector is fragmented, he said.
