Arlington Capital Partners, a private investment firm focused on government-regulated industries, has entered into a definitive agreement to sell Tex-Tech Industries to Michelin.
Headquartered in Kernersville, N.C., Tex-Tech is a developer and manufacturer of products for the aerospace, space and defense, and specialty industrial markets.
As part of the transaction, FMI Industries Inc., which includes two Tex-Tech divisions—Fiber Materials Inc., acquired from Spirit AeroSystems, and the Engineered Composites division acquired from SGL Carbon—will be spun out as an independent Arlington portfolio company.
FMI is focused on reinforced composites, including carbon-carbon, rayon-carbon and related materials for defense, space and aerospace applications. FMI will be led by Scott Burkhart, former CEO of Tex-Tech Industries.
“During our partnership, Tex-Tech underwent a significant transformation through investments in next-generation materials and coatings, with a focus on high-growth and high-cost-of-failure markets,” says Peter Manos, managing partner at Arlington. “Michelin’s global footprint makes it a strong home for Tex-Tech to expand its reach in Europe and beyond. This transaction reflects Arlington’s ability to accelerate growth through deep expertise in regulated industries and build businesses of strategic value.”
“It has been personally rewarding to grow the company’s revenue at a double-digit rate over the past four years by advancing technical materials such as our thermal protection systems for space launch vehicles,” says Justin Barnett, president of Tex-Tech. “Michelin shares our R&D-driven philosophy and will help us further strengthen our technical leadership.”
The transaction is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
William Blair and Harris Williams are serving as financial advisers to Tex-Tech Industries. Sheppard Mullin Richter & Hampton LLP and Morrison Foerster LLP are serving as legal advisers to Tex-Tech and Arlington. Gibson, Dunn & Crutcher LLP and DLA Piper LLP are serving as legal advisers to Michelin.
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