News

Innocor, Leading Foam Products Maker, to be Acquired by Bain Capital Private Equity

Investment to Accelerate Growth and Continue Innovation

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.”

“We are extremely pleased that our thesis behind the creation of Innocor has been borne out over the past two years as the company has realized strong growth and assumed a market-leading position across the bedding value chain,” said Daniel Florian, Managing Director of Sun Capital.

“We’re confident that Innocor’s success will be amplified under the ownership of Bain Capital Private Equity, with whom we have enjoyed an excellent relationship for many years,” added Sun Capital Co- CEO Marc Leder.

The transaction is expected to close during the first quarter of 2017. Sawaya Segalas & Co., LLC, a leading advisor to companies in the consumer industry, and Macquarie Capital served as M&A advisors, and Kirkland & Ellis LLP acted as legal counsel to Innocor. Ropes & Gray LLP is serving as legal counsel, and PwC LLP is acting as accounting advisor to Bain Capital Private Equity. Barclays and BofA Merrill Lynch served as financial advisors to Bain Capital Private Equity and, together with Wells Fargo, are providing committed financing for the transaction.

About Innocor, Inc.
Founded in 1996 and headquartered in Red Bank, New Jersey, Innocor, Inc. 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 pillows, mattress toppers, mattresses, etc. under Sleep Innovations®, Novaform® and other brands. Innocor also manufactures innovative foam products for commercial customers under its Innocor Foam Technologies® division. Innocor has 22 manufacturing plants and distribution centers throughout the U.S. (www.innocorinc.com).

About Bain Capital Private Equity
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 220 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including industrials, consumer/retail, financial and business services, healthcare, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 330 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, and Shenzhen.