Kadant has entered into a definitive agreement to acquire Syntron Material Handling Group, and certain of its affiliates (“Syntron”) from entities affiliated with Levine Leichtman Capital Partners for approximately $179 million in cash, subject to certain customary adjustments.
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, Chinaunder the Link-Belt® and Syntron® brands.
“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, 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.”
Syntron has approximately 250 employees worldwide and its trailing twelve months revenue ended October 31, 2018 was approximately $89 million.