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Levine Leichtman Capital Partners Sells FlexXray

Levine Leichtman Capital Partners has sold its portfolio company FlexXray Holdings, LLC to Warburg Pincus and Tilia Holdings. FlexXray is a provider of x-ray inspection services focused on food safety, headquartered in Arlington, Texas.

Matthew Rich, Senior Managing Director of LLCP, said, “Randy Jesberg and the entire FlexXray team have built an exceptional, differentiated business through an unwavering commitment to helping the world’s largest food manufacturers keep their products and their customers safe. Following our initial investment in 2017, the Company made significant investments in management, sales & marketing, technological capabilities, and capacity.  In addition, we were successful in completing two add-on acquisitions, which expanded FlexXray’s geographic reach, broadened its service offerings and enhanced its ability to better serve customers nationally. FlexXray is positioned for continued success under its new ownership.”

The sale of FlexXray is LLCP’s seventh recent exit, following Trinity Consultants, Nothing Bundt Cakes, ZorgDomein, Jonathan Engineered Solutions, Futurewhiz and Pacific Handy Cutter.

Houlihan Lokey Capital, Inc. served as the lead financial advisor to FlexXray, with support from Robert W. Baird & Co., Incorporated, and Honigman LLP served as legal counsel in connection with the sale. Financial terms of the transaction were not disclosed.


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