Bain Capital Private Equity has agreed to acquire Red Bank, New Jersey-based Innocor Inc, a maker of advanced foam products. The seller is Sun Capital Partners. No financial terms were disclosed.
RED BANK, NJ and BOSTON – December 14, 2016 – Innocor, Inc., a designer and manufacturer of advanced foam products for commercial and retail channels, today announced the signing of a definitive agreement to be acquired by Bain Capital Private Equity, a leading global private investment firm. Innocor will continue to be operated by its current management team under the leadership of President and Chief Executive Officer Carol Eicher. Financial terms of the purchase from an affiliate of Sun Capital Partners, Inc. were not disclosed.
Founded in 1996 and headquartered in Red Bank, New Jersey, Innocor was formed through the 2014 acquisition of Flexible Foam Products Inc. and its integration with Sleep Innovations. The company has 22 manufacturing plants and distribution centers throughout the U.S. and is the leader in consumer-driven polyurethane foam products proven to deliver comfort, relaxation and rejuvenation. Innocor Comfort®, the consumer products division, manufactures advanced memory foam products including mattresses, pillows, and mattress toppers under Sleep Innovations®, Novaform® and other brands. The Innocor Foam Technologies® division manufactures innovative foam products for commercial customers.
“Our innovative foam technologies have served as the core foundation for a broad range of products that enable our customers to deliver unrivaled comfort and quality to consumers,” said Eicher. “We have made significant progress over the past few years and believe we have significant upside potential to expand and deepen relationships with our customers in both the commercial and retail channels. We believe Bain Capital Private Equity’s resources, capabilities and insights across the industrial, retail and consumer channels will give us an important advantage as we continue to grow our business and deliver innovation to our customers.”
Bain Capital Private Equity has a history of successful investments in a variety of industrial, consumer and retail businesses including Trinseo, Bob’s Discount Furniture, TOMS Shoes, Michaels Stores, BRP, Burlington Stores, Sensata Technologies, Sundial Brands, TI Automotive, Big Tex, and Canada Goose.
“Under the leadership of Carol and her team, Innocor is at the forefront of an industry with attractive growth prospects,” said Stephen Thomas, a Managing Director at Bain Capital Private Equity. “We believe Innocor is well-positioned to continue to develop innovative products that enable its customers to meet increasing consumer demand for the comfort that foam bedding and furniture offer. We look forward to partnering with this capable management team as they continue to build on Innocor’s success and pursue opportunities to accelerate growth.”