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FXI, which is backed by One Rock Capital Partners LLC and Innocor, which is backed by Bain Capital Private Equity, have agreed to merge. Both companies are makers of polyurethane foam products. No financial terms were disclosed. Jefferies LLC is serving as M&A adviser to FXI while Latham & Watkins LLP is serving as legal counsel to FXI. And, Barclays Capital Inc. is serving as M&A adviser to Innocor with Ropes & Gray LLP providing legal counsel.
Global Bakeries has acquired California-based Bubbles Baking Co, a provider of frozen cakes and delicacies. No financial terms were disclosed. Surge Private Equity and The Firmament Group invested in the transaction.
Artisan Design Group, which is backed by The Sterling Group, has acquired Columbia, South Carolina-based Builders Wholesale Flooring, a provider of flooring products and services. No financial terms were disclosed.
Borgman Capital has acquired Gilman, Wisconsin-based Gilman Cheese Corporation, a maker of processed cheese. No financial terms were disclosed.
Corelle Brands LLC, which is backed by Cornell Capital and Instant Brands, a maker of the Instant Pot product, have agreed to merge. No financial terms were disclosed. Instant Brands will remain headquartered in Ottawa, Ontario. Ken Wilkes will serve as CEO of the newly combined company while Robert Wang will serve as chief innovation officer. Based in Rosemont, Illinois, Corelle Brands is a maker of houseware brands.
Bestop Inc, which is backed by Kinderhook Industries LLC, has acquired Texas-based BullRing, a provider of branded, tie-down anchors and ratchet straps for light-duty pickup trucks. No financial terms were disclosed. Monroe Moxness Berg PA served as legal counsel to Bestop on the transaction.
Frostkrone, a portfolio company of EMERAM Capital Partners, has acquired Rite Stuff Foods Inc, a specialty potato product maker. No financial terms were disclosed. Frostkrone is a European manufacturer of frozen convenience food and snacks.
ORIX Mezzanine & Private Equity has exited its stake in Perennials and Sutherland LLC. No financial terms were disclosed. OMPE teamed up with Acacia Partners to invest in Perennials and Sutherland in December 2015. Acadia has also exited its stake in the company as a result of Bertram Capital investing in Perennials. Dallas-based Perennials is a designer of acrylic performance fabric and rugs for indoor and outdoor use and luxury outdoor furniture.
Five Crowns Capital has sold Cosmetic Design Group to World Wide Packaging, which is backed by Bain Capital. No financial terms were disclosed. Based in Culver City, California, Cosmetic Design Group is a designer and formulator of nail and cosmetic products.
Newell Brands has agreed to sell its Rexair business to Rhône Capital. No financial terms were disclosed. The deal is expected to close by the end of the second quarter of this year.
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