FXI, a Media, Pa.-based urethane flexible foam company, is being acquired by private equity firm One Rock Capital Partners LLC by its current private investment owners, MatlinPatterson Global Advisers LLC and Black Diamond Capital Management LLC.
Financial terms for the deal were not disclosed. It is expected to be complete by the end of 2017.
FXI operates 18 facilities across the U.S. and Mexico. Its current management team, led by CEO John Cowles, will remain in place.
One Rock managing partner, Scott Spielvogel said in a news release he was "attracted to the unique positioning of FXI in the marketplace, its reputation and its product lineup." He also promised to improve the "company's products and grow the business."
The company supplies the automotive, furniture, bedding and specialty markets.
"We are confident that our expertise, combined with the 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," Cowles added.