FlexXray Holdings, LLC, an Arlington-based provider of x-ray inspection services to the food industry, has been acquired by Warburg Pincus and Tilia Holdings.
Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced July 26 it has sold its portfolio company FlexXray Holdings. Financial terms of the transaction were not disclosed.
FlexXray is a leading provider of x-ray inspection services focused on food safety. The company assists Fortune 100 food manufacturers with regulatory compliance and food safety issues by identifying and removing foreign contaminants. Hundreds of manufacturing plants throughout North America rely on FlexXray’s expertise and customer service to salvage valuable products when contamination events occur in the normal course of the food manufacturing process. FlexXray was founded in 2001.
Matthew Rich, Senior Managing Director of LLCP, said, “Randy Jesberg and the entire FlexXray team have built an exceptional, differentiated business through an unwavering commitment to helping the world’s largest food manufacturers keep their products and their customers safe. Following our initial investment in 2017, the Company made significant investments in management, sales & marketing, technological capabilities, and capacity. In addition, we were successful in completing two add-on acquisitions, which expanded FlexXray’s geographic reach, broadened its service offerings and enhanced its ability to better serve customers nationally. FlexXray is positioned for continued success under its new ownership.”
Randy Jesberg, CEO of FlexXray, commented, “We are appreciative of LLCP’s support and guidance over the last four years. Their partnership, management-centric approach and strategic insights contributed greatly to the evolution and expansion of the business. We could not have asked for a better partner to help guide FlexXray through this period of tremendous growth.”
The sale of FlexXray is LLCP’s seventh recent successful exit, following Trinity Consultants, Nothing Bundt Cakes, ZorgDomein, Jonathan Engineered Solutions, Futurewhiz and Pacific Handy Cutter.
Houlihan Lokey Capital, Inc. served as the lead financial advisor to FlexXray, with support from Robert W. Baird & Co., Incorporated, and Honigman LLP served as legal counsel in connection with the sale.
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July 28, 2021 at 03:06AM
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Arlington-based provider of x-ray inspection services sold - Fort Worth Business Press
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