FlexXray LLC, an Arlington-based provider of x-ray inspection services focused exclusively on food safety, has been acquired by Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, the firm announced Aug. 28.
FlexXray assists Fortune 100 food manufacturers with regulatory compliance and food safety issues by identifying and removing foreign contaminants from food. Hundreds of manufacturing plants in North America use FlexXray’s industry-leading expertise and customer service to salvage valuable products when contamination events occur in the normal course of the food manufacturing process. FlexXray was founded in 2001 and is headquartered in Arlington. No price for the transaction was released.
The company’s management team, led by CEO Kevin Fritzmeyer, will acquire a meaningful ownership stake in the Company in connection with the transaction, according to a news release.
“I am delighted to partner with LLCP as FlexXray seeks to realize the significant growth opportunities available to the company,” said Fritzmeyer. “LLCP’s resources and experience will be critical in the continued development of the company, and I look forward to leveraging LLCP’s strategic and financial expertise.”
The investment in FlexXray will be made out of LLCP Lower Middle Market Fund L.P.
“We are excited to partner with Kevin Fritzmeyer and the rest of the management team who have successfully led the growth of FlexXray,” said LLCP Partner Bob Poletti in a news release. “The company’s high ROI service has entrenched the company in a critical place in the food safety ecosystem. We look forward to working with management as they continue to expand the business.”
LLCP was advised by Honigman Miller Schwartz and Cohn LLP. FlexXray was advised by Houlihan Lokey Capital, Inc.