Arlington Capital Partners acquired fabric maker Tex Tech Industries. The deal comes as air travel grows worldwide. A combination of low air fares, growing middle classes in emerging markets along with rising tourism travel and spending are contributing factors to travel demands.
The Portland, Maine-based target produces fabrics that are used to manufacture airplane seats. In addition to the U.S., Tex Tech, has operations in Europe, Ireland and Thailand. Financial terms were not disclosed.
"The firm’s buy and build strategy, significant base of capital, as well as network of aerospace and defense relationships will allow us to rapidly increase the company’s scale," says Tex Tech CEO Ciaran Lynch.
Arlington is a Washington, D.C.-based middle market private equity firm that focuses on the healthcare, aerospace and defense, government services, technology and business services sectors. Earlier in 2017, the firm acquired medical device instrument distributors Thortex and Millennium Surgical.
Other recent manufacturing deals include Adient plc's (NYSE: ADNT) acquisition of automotive seat producer of Futuris Global Holdings; Wabash National's purchase of truck parts manufacturer Supreme Industries; and the Watermill Group's purchase of fastener maker Cooper & Turner.