Syntron Material Handling to be Acquired by Kadant
TUPELO, Mississippi - December 10, 2018 - It is with great pleasure that we announce exciting news that Kadant Inc. (NYSE: KAI) has entered into a definitive agreement to acquire Syntron Material Handling Group, LLC (SMH) from entities affiliated with Levine Leichtman Capital Partners. The acquisition is expected to close in January 2019, subject to the satisfaction of customary closing conditions. Over the past 4-plus years, SMH has made significant strides investing in and building our business capabilities with the goal of improving cost competitiveness, quote responsiveness and on-time delivery, not to mention, transitioning the company to strengthen working relationships with our Distribution Partners. The company’s executive team will remain with the business and are more than ever committed to our strategy of providing our customers with Proven Engineered Products and Complete Material Handling Solutions.
“Our acquisition of Syntron provides Kadant with premier products and services that extend our footprint into new process industries,” said Jonathan Painter, president and chief executive officer of Kadant. “Like Kadant, Syntron’s technology adds high value to critical processes in resource-intensive industries and is a leader in its markets with a history of stable earnings and a strong aftermarket business. In addition, Syntron has an excellent management team which we expect will make a strong contribution to our business.”
“Syntron and Kadant both offer market-leading products and technologies that deliver exceptional value to their customers,” commented Andy Blanchard, president and chief executive officer of Syntron Material Handling. “We are excited to be joining Kadant and we believe there are numerous opportunities to leverage both companies’ competitive advantages.”
About Syntron Material Handling
Syntron is a leading provider of material handling equipment and systems to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper. The company manufactures conveying and vibratory equipment at its facilities in Tupelo, Mississippi and Changshu, China under the Link-Belt® and Syntron® brands. For more information, visit www.syntronmh.com.
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with 2,500 employees in 20 countries worldwide. For more information, visit www.kadant.com.
About Levine Leichtman Capital Partners
LLCP is a Los Angeles, California based private investment firm that has managed approximately $10.0 billion of institutional capital since its inception. LLCP invests in middle market companies located in the United States and Europe. LLCP is currently making new investments through Levine Leichtman Capital Partners VI, L.P., LLCP Lower Middle Market Fund, L.P., Levine Leichtman Capital Partners Europe, L.P. and Levine Leichtman Strategic Capital, LLC. LLCP has offices in Los Angeles, New York, Dallas, Chicago, Charlotte, London, Stockholm and The Hague.