Snow Phipps Group Acquires LTI Boyd
NEW YORK, July 19, 2012 /PRNewswire/ -- Snow Phipps Group, LLC, a New York-based private equity firm, today announced they have completed the acquisition of LTI Flexible Products, Inc. ("LTI Boyd") from Sentinel Capital Partners. LTI Boyd, headquartered in Modesto, California designs, manufactures and distributes high performance, custom engineered components to Original Equipment Manufacturers (OEMs) in the heavy truck, recreational vehicle, enterprise electronics, off-highway, aerospace, consumer electronics, medical and other industrial markets.
"This transaction represents an opportunity for Snow Phipps to acquire a highly respected company with an experienced management team poised to execute on a significant number of attractive growth opportunities," said Ian Snow, Managing Partner at Snow Phipps.
Jay Twombly, a Snow Phipps Operating Partner, will join LTI Boyd as Non-Executive Chairman of the Board of Directors.
"LTI Boyd represents a unique opportunity to acquire a market-leading manufacturer serving a blue chip customer base across large and diverse end markets with great growth potential," said Mr. Twombly. "The management team is experienced and has a track record of leveraging their strong market position as well as their manufacturing, procurement and material capabilities into profitable growth."
Throughout his career, Mr. Twombly has held several different corporate positions. Most recently, he was the President and CEO of SPX Corporation's Edwards Systems Technology, one of the world's leading manufacturers of commercial fire detection systems, from 1997 until its sale to General Electric Company in 2005.
"LTI Boyd is extremely pleased to be partnering with the Snow Phipps team," said Mitch Aiello, CEO of LTI Boyd. "We are looking forward to leveraging the invaluable industrial experience and resources of its Operating Partner Jay Twombly to deliver outstanding operating results and refining our strategy to reach our full potential. We are also confident that Snow Phipps has created an ideal structure on which we can accelerate growth and realize substantial capital appreciation."
Snow Phipps was advised in the transaction by its legal counsel, Simpson Thacher & Bartlett LLP. Senior debt financing was provided by a syndicate led by GE Capital Corporation and KeyBank National Association. King & Spalding LLP advised GE as Joint Lead Arranger and Administrative Agent and Squire Sanders LLC advised KeyBank as Joint Lead Arranger. Subordinated debt financing was provided by PennantPark Investment Corporation and Morgan Stanley Credit Partners. Subordinate lenders were advised by legal counsel, Latham & Watkins LLP and Proskauer Rose LLP.
About LTI Boyd
With over 80 years of solid performance, LTI Boyd has evolved as a market leader in custom fabricated sealing and energy management solutions. LTI Boyd brings the most experienced team in the industry to the development of custom fabricated solutions across a wide array of industries. LTI Boyd supports product needs in the areas of environmental seals and gaskets, energy management, including EMI shielding, acoustic and thermal insulation, cushioning and shock absorption, thermal management and bonding systems. For more information, please visit http://www.ltiboyd.com/.
About Snow Phipps
Snow Phipps is a private equity firm focused on small to mid-market control investments. With $1.5 billion of assets under management, Snow Phipps targets companies primarily located in North America with enterprise values ranging from $100 million to $500 million that require equity investments ranging between $40 million and $100 million. The firm was co-founded by Ian Snow and Ogden Phipps in April 2005 and utilizes an Operating Partner strategy seeking to create long-term capital appreciation. To learn more about Snow Phipps, visit www.snowphipps.com.
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