Sheppard Mullin represented Arlington Capital Partners (Arlington) in its definitive agreement to sell portfolio company Tex-Tech Industries (Tex-Tech) to Michelin (Euronext Paris: ML). Simultaneously with the sale, Tex-Tech’s FMI division comprised of the recently acquired Fiber Materials Inc., which was acquired from Spirit AeroSystems, and its engineered composites division, which was acquired from SGL Carbon, will be spun out and established as a new Arlington portfolio company.
Tex-Tech, based in Kernersville, N.C., is a leading developer and manufacturer of proprietary, highly-engineered solutions serving aerospace, space, defense and specialty industrial end markets. Its products are purpose built to withstand extreme environments and support applications where performance is critical and the cost of failure is high.
FMI is a leader in reinforced composites, with a focus on Carbon/Carbon, Rayon/Carbon, and related composites for applications in the defense, space, and aerospace end markets. FMI will be led by former Tex-Tech CEO Scott Burkhart.
The Sheppard Mullin team representing Arlington was led by partner Frank Bacelli and associate Jeff Bowling, with invaluable support from partner Michael Koltonyuk and associates Shinduk Seo and Anushna Das.
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