LTI Boyd, an extruder of gaskets and sealing products, has a new private equity owner. Sentinel Capital Partners has sold the seven-factory business to Snow Phipps Group LLC.
Sentinel Capital and Snow Phipps are in both in New York.
LTI Boyd makes extruded, die-cut and molded flexible plastic and rubber products for gaskets, sealing, insulation and impact-protection applications in heavy-truck, recreational-vehicle, electronics, off-highway, aerospace and medical markets.
The company runs seven factories: the headquarters plant in Modesto, Calif., and plants in Portland, Ore.; Rogers, Minn.; Elkhart, Ind.; Gaffney, S.C.; Fairburn, Ga.; and Shenzhen, China.
Terms were not disclosed. The deal was announced July 19.
Sentinel Capital Partners compiled the platform in what was a fragmented flexible-sealing products sector by purchasing LTI Flexible Products Inc. in 2006. LTI picked up Nott-Atwater Co., a die-cutting business, and Derby Cellular Products Inc., a sealing-product maker.
The biggest acquisition came in August, when LTI Flexible Products bought Boyd Corp. of Elkhart to create LTI Boyd.
During Sentinel's ownership, LTI's sales increased nearly fivefold through organic growth and the three acquisitions, said officials of the private equity firm. They did not release sales figures.
Officials of Sentinel Capital Partners praised LTI Boyd CEO Mitch Aiello and other executives. “We feel very fortunate to be associated with this management team. They're exceptional,” Scott Perry, a principal at Sentinel, said in a phone interview.