PE-backed LTI Flexible Products Buys Boyd Corp.

LTI Flexible Products, which is backed by lower middle-market investor Sentinel Capital Partners, has acquired Boyd Corp., a designer and manufacturer of sealing and energy management products. LTI is a designer and manufacturer of extruded, die-cut, and molded flexible rubber and plastic sealing systems and related components. Terms of the deal were not released.

Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced that portfolio company LTI Flexible Products has acquired Boyd Corporation. The combination has created a leading global provider of custom fabricated gaskets and sealing systems serving blue-chip OEMs across a diverse range of end markets. The combined company has been named LTI BOYD, and is headquartered in Modesto, California.

LTI is a leading designer and manufacturer of extruded, die-cut, and molded flexible rubber and plastic sealing systems and related components. Its products are primarily used by OEMs of recreational vehicles, heavy trucks, and agriculture and construction equipment. LTI’s products are essential to OEMs’ product quality and customer satisfaction.

Boyd is a leading designer and manufacturer of mission-critical sealing and energy management solutions for blue-chip OEMs primarily serving the electronics, heavy truck, aerospace, and medical markets. Boyd focuses on seals and gaskets that provide electromagnetic, acoustical, and electrical shielding and thermal insulation.

“The highly complementary products, end markets, and geographic locations of LTI and Boyd offer a compelling rationale for combining the two companies,” said Mitch Aiello, CEO of Boyd, who now serves as CEO of LTI BOYD. “From a diversified, worldwide platform we intend to leverage the synergies of the combined business and offer a one-stop solution to our expanded customer base.”

“This acquisition underscores our commitment to the industrial manufacturing sector,” said John McCormack, co-founder and senior partner at Sentinel. “Merging LTI and Boyd is an excellent example of how combining two strong lower middle market companies can result in the creation of a global market leader.”

Sentinel’s current and prior investments in the industrial manufacturing sector include: Chase Doors (specialty door systems); Chromalox (electric heating products); Engineered Controls International (regulators and valves for cryogenic gas containment); Alemite (lubrication equipment); Fasloc (roof support systems for underground mines); and Trussbilt (steel security products for prisons).

About Sentinel Capital Partners
Sentinel Capital Partners specializes in acquiring lower middle market companies in the United States and Canada in partnership with management. Sentinel targets eight industry sectors: aerospace/defense, business services, consumer products/services, distribution, food/restaurants, franchising, healthcare products/services, and industrial manufacturing. Sentinel invests in management buyouts, purchases of family businesses, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA between $7 million and $35 million.