BCEP sells FlexXray to LLCP

Levine Leichtman Capital Partners has acquired FlexXray from Barton Creek Equity Partners. No financial terms were disclosed. Houlihan Lokey Capital Inc advised FlexXray and BCEP while Greenburg Traurig LLP provided legal counsel to FlexXray and BCEP. And, Honigman Miller Schwartz and Cohn LLP advised LLCP. New York City-based FlexXray is a food safety solutions platform provider.


AUSTIN, TX – August 16, 2017 – Barton Creek Equity Partners (“BCEP”) completes the sale of FlexXray, LLC (“FlexXray”) to Levine Leichtman Capital Partners (“LLCP”).

Barton Creek Equity Partners, an Austin based private equity firm, announced that it has completed the sale of FlexXray to Levine Leichtman Capital Partners. FlexXray is a leading food safety solutions platform providing specialty testing, inspection and recovery services to North American food manufacturers and processors. Over the course of a two-year investment in FlexXray, BCEP and management transitioned the company from a founder-owned and operated business to be a leading services provider to food companies in North America – while building a professional platform for future growth and service expansion. With these efforts and a significant capacity expansion, FlexXray grew revenues and EBITDA strongly and doubled its customer base under BCEP’s ownership.

“Kevin Fritzmeyer and the entire FlexXray team have done a top-notch job of executing on plans for enhanced service, operational professionalization, and growth. As a result, FlexXray has performed extraordinarily well,” said Ron Duncan, Partner at BCEP.

“Barton Creek Equity Partners has been the ideal partner for FlexXray during its transition from a founder-run business to the leading platform in the industry” said FlexXray CEO Kevin Fritzmeyer. “We will miss working with Ron and Michael, but are excited about our next phase of growth with LLCP.”

Michael Sayre, Partner at BCEP, said, “It’s a special opportunity to get to be a part of the growth and professionalization of a world-class company. Working with Kevin and the team at FlexXray was exceptionally enjoyable. We appreciate the effort and expertise FlexXray and BCEP received from Houlihan Lokey and Greenburg Traurig throughout the process. It’s a gift to get to work with such consummate professionals. We wish Levine Leichtman Capital Partners the best in its investment; they have acquired a real gem.”

Houlihan Lokey Capital, Inc. advised FlexXray and Barton Creek Equity Partners, and Greenburg Traurig LLP provided legal counsel to FlexXray and BCEP. Honigman Miller Schwartz and Cohn LLP advised LLCP.

About FlexXray:
FlexXray is a leading food safety solutions platform providing specialty testing & inspection and other mission-critical safety services to the North American food manufacturing industry; the company is now a trusted partner to hundreds of the world’s leading food brands from mom and pop food companies to Fortune 100 global businesses. FlexXray utilizes proprietary X-ray technology and other equipment to pinpoint physical contaminants and defects in food product and raw materials for its customers. In addition to FlexXray’s core inspection services, the Company performs an array of ancillary services, including contaminant removal, can & jar dud detection, check weighing, repackaging, process recovery, storage, and other related services.

About Barton Creek Equity Partners:
Barton Creek Equity Partners is an Austin, Texas based private equity firm focused on middle market companies that are: closely-held or family owned; interested in a partial or complete liquidity event; and have the ability to achieve revenue and EBITDA growth organically or acquisitively by executing business improvement opportunities and leveraging our expertise and resources. BCEP’s founders have worked successfully with numerous middle market companies over a combined thirty years.

About Levine Leichtman Capital Partners:
LLCP is a Los Angeles, California based private investment firm that has managed approximately $9.0 billion of institutional capital since its inception. LLCP invests in middle market companies located in the United States and Europe. LLCP is currently making new investments through Levine Leichtman Capital Partners VI, L.P., LLCP Lower Middle Market Fund, L.P., Levine Leichtman Capital Partners Private Capital Solutions, L.P., Levine Leichtman Capital Partners Europe, L.P. and LLCP Co-Investment Fund, L.P. LLCP has offices in Los Angeles, New York, Dallas, Chicago, London and The Hague.