Components vs Inherited Controls

I have a situation where a need a control that will go into my toolbox that
inherits from a third party control (Infragistics UltraWinGrid). I have
tried creating a component and wiping out its designer.cs file and putting
the initialization code in the .cs file for the component and having the
components class inherit from the third parties object's class. That all
works except when I use the control in my designer it at first appears with
the changes I make during initialization in the component, but then it
reverts back to the settings in the third parties object's class wiping out
my initialization. I need to be able to have a control that only has this
object and initializes the way I need it too and all of its properties are
available to me. Any ideas.....an Inherited control of course doesn't easily
expose the controls properties and doing a component the way I discussed
doesn't seem to keep its settings.

Thanks,
ACFalcon