material handling

Warburg Pincus to Acquire Duravant

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Warburg Pincus has agreed to acquire Duravant from Odyssey Investment Partners which acquired the company in May 2013.

Duravant is a manufacturer of engineered equipment that operates through three segments – food processing, packaging machinery and material handling. Duravant, led by CEO Mike Kachmer, is headquartered in the Chicago suburb of Downers Grove, IL (www.duravant.com).

Duravant’s food processing segment’s products are mainly used in the processing of pork, beef and chicken products for major food companies and are organized into three primary categories: pumps, fillers and dicers, and thermal equipment. This segments brand names include Marlen and Carruthers.

The packaging machinery segment’s product line is comprised of components and systems that fill, close, weigh and handle open mouth bags. The segment operates globally under the Fischbein brand name and provides a range of products from manual to semi-automated and fully-automated machines. These products serve a variety of end markets, including agriculture, food, pet food, chemicals and building products.

Duravant’s material handling segment manufactures conveying products that are used in distribution centers and retail stores for the loading and unloading of trucks. The company has a strong market position under the Flexible Material Handling and Best Conveyors brand names and provides products to both online and physical retailers.

“Duravant has built a world-class portfolio of market-leading automation solutions in a variety of attractive end markets. We see meaningful opportunity to continue expanding the platform and look forward to partnering with Mike Kachmer and the Duravant leadership team in this next phase of growth,” said Jeff Goldfaden, Managing Director, Warburg Pincus.

Warburg Pincus has more than $44 billion in assets under management and has raised 16 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

“Under our ownership, Duravant successfully executed on a range of strategic growth initiatives. We are pleased to have worked with the management team to transform the business through organic initiatives, operational improvements and a focused acquisition strategy,” said Dennis Moore, Managing Principal at Odyssey Investment Partners.

Odyssey makes control investments in middle-market companies in a variety of industries including industrial manufacturing; business, financial and healthcare services; aerospace products; and localized and route-based service businesses. The firm has approximately $3.5 billion of capital under management and has offices in New York and west of Los Angeles in Woodland Hills, CA (www.odysseyinvestment.com).

Jefferies was the lead financial advisor to Duravant and Robert W. Baird & Co. also served as a financial advisor. William Blair & Company was a financial advisor to Warburg Pincus.

The transaction is expected to close in the third quarter of 2017.

© 2017 Private Equity Professional | June 16, 2017

THL Buys Material Handling Systems

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Material Handling Systems, an employee-owned provider of engineering services and equipment used in parcel sortation systems, has agreed to be acquired by Thomas H. Lee Partners.

Material Handling Systems (MHS) provides engineering services and equipment, project management, and installation services to the parcel industry with best-in-class design, implementation, and maintenance of turnkey material handling sortation and distribution systems. Customers of MHS include some of the top logistics and e-Commerce companies in the world. The company currently operates out of six facilities: four in Louisville, KY; one in Wilmington, OH; and the MHS Canada headquarters in Toronto. The company was founded in 1999 and is headquartered in Louisville (www.mhsinc.net).

In response to increased demand and new product development, coupled with an increase in employees, MHS is constructing a new 222,000 square foot facility in Mt. Washington, KY, which will become the new headquarters for both MHS, and its sister company, Santa Rosa Systems (SRS) – a vertically-integrated equipment manufacturing business. This new building will provide an increase in production capacity, maximize manufacturing efficiencies, and improve productivity and profitability. The anticipated completion date is summer 2017.

Given the significant increase and acceleration of demand for advanced automation infrastructure – especially in the e-Commerce industry – MHS sought a strategic and financial partner to invest in the company’s future growth prospects, including the potential for product and geographic expansion.

“We are excited to announce our new partnership with THL, whose extensive experience in growing successful businesses will prove valuable as we continue to serve our customers’ growing demand for automated parcel sortation systems,” said Tony Mouser, Chief Executive Officer of MHS. “We have always been a customer-focused company, and we chose THL as our new partner given our shared vision to better serve our customers’ needs while creating opportunities for our employees.”

Thomas H. Lee Partners (THL) was founded in 1974 and is one of the oldest private equity investment firms in the United States. Industries of interest include consumer and healthcare, media and information services, and business and financial services. Since its founding, THL has raised approximately $20 billion of equity capital and invested in more than 130 businesses with an aggregate purchase price of more than $150 billion. The firm is based in Boston (www.thl.com).

“We are thrilled about the opportunity to partner with Tony and the talented team at MHS and SRS,” said Jim Carlisle, Managing Director at THL. “MHS is an exceptional company, driven by its commitment to engineering talent, technological innovation, and reliable, on-time delivery of advanced systems, software and equipment to its customers. We are excited to invest in the expansion of MHS as the company continues to deliver on its promise of providing best-in-class solutions for its customers.”

PricewaterhouseCoopers was the financial advisor to MHS and Baker McKenzie acted as legal advisor. RBC Capital Markets was the financial advisor to THL and Kirkland & Ellis was the legal advisor.

© 2017 Private Equity Professional | April 20, 2017

LFM Acquires Heartland Steel Products

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LFM Capital has added a fourth portfolio company to its first fund with the buy of Heartland Steel Products, a maker of material handling systems.

Heartland Steel designs, engineers and manufactures structural steel platforms and steel pallet racking systems and products that are sold to manufacturing, distribution and warehouse facilities throughout the country. The company’s products, sold under the SpaceRAK and Heartland Engineered Products brands, are used primarily for space utilization and conveyor systems support. Heartland, led by CEO Pat Peplowski, is headquartered in Oak Brook, IL with four manufacturing facilities in Marysville, MI; Marlette, MI; Harrison, OH; and Lodi, CA (www.heartlandsteel.com).

According to LFM Capital, Heartland’s products and services are integral to facility material handling management and stand to benefit from the increasing need for sophisticated fulfillment centers, much of which is attributable to the growth of e-commerce and consumer demand for next day delivery. “Heartland is a well-positioned company in an area of growing demand,” said LFM Executive Managing Director Steve Cook. “We look forward to working with the team at Heartland on investing in their manufacturing capabilities, optimizing workflow within their facilities, and recruiting additional engineering and leadership talent that will allow them to increase their capacity and capabilities.”

LFM Capital is based in Nashville and invests in US-based manufacturing and industrial services companies that have revenues from $10 million to $100 million and enterprise values from $15 million to $75 million.  LFM was formed in May 2014 by Steve Cook, Executive Managing Director; Rick Reisner, Managing Director; and Dan Shockley, Managing Director. The firm closed its first fund, LFM Capital Partners, LP, with $110 million in capital commitments in October 2014 (www.lfmcapital.com).

© 2017 Private Equity Professional | February 15, 2017

Blue Sage Buys Magnum

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Blue Sage Capital has acquired Magnum Systems, a designer and manufacturer of equipment used in the handling and packaging of dry bulk materials.  Blue Sage purchased the company from Gen Cap America which acquired the company in March 2012.

Magnum specializes in equipment that is designed to handle free-flowing materials that are difficult to package or convey such as grain, seeds, cereals, sugar, flour, plastic pellets, plastic powder, sand, cement, fertilizers, and granulate chemicals. The company has an internal sale team and sells its products under the Smoot (material handling) and Taylor Products (packaging) brand names. Magnum has a base of approximately 10,000 customers that operate in the food, agriculture, chemical, industrial minerals, and plastics sectors. Magnum, led by CEO Travis Wallace, is headquartered in Kansas City with an additional manufacturing facility in Parsons, KS (www.magnumsystems.com).

“Magnum management and shareholders have built a solid business with a long track record of market leadership in the pneumatic material handling and packaging industries,” said Peter Huff, Co-Founder and Managing Member of Blue Sage. “We are delighted to partner with Travis Wallace and his team as we work together to accelerate the growth initiatives at the company.”

Blue Sage Capital specializes in growth, recapitalization and buyout financings of smaller middle-market companies based in Texas and the Southwest. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $3 million to $12 million of EBITDA. Blue Sage invests in a variety of industries, with each initial investment in a company ranging from $10 million to $15 million. The firm is based in Austin, TX (www.bluesage.com).

“The Magnum management team is thrilled to partner with Blue Sage as we seek to lead the company into its next stage of growth,” said Mr. Wallace. “The Magnum brand is highly respected in the industry and with the resources and skill set Blue Sage can bring to bear, we believe the company is well-positioned for the future.”

© 2016 Private Equity Professional • 10-12-16

LFM Expands Eckhart Platform

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Eckhart, a portfolio company of LFM Capital, has acquired Auto Craft Tool & Die and 3 D Sales (together “Auto Craft”). This is the first add-on acquisition for Eckhart since being acquired by LFM in June 2015.

Auto Craft is a provider of industrial material handling systems and tooling. The company’s products include door and instrument panel carriers, and automatic guided carts used to transport material in factory environments. Auto Craft also sells work brake systems that protect production line operators exposed to rotating assembly processes. Customers of the company include Boeing, Honda, Toyota, Johnson Controls, Carrier, Whirlpool, Nissan, Kawasaki, Ford, Chrysler, and General Motors. Auto Craft is co-owned by brothers Michael and David DuVernay – their father founded the company in 1958 – and is headquartered northeast of Detroit in Algonac, MI with an additional facility nearby in Marine City, MI (www.auto-craft.com). 3D Sales – which shares ownership with Auto Craft – is a distributor of industrial ergonomic and work cell construction components. The company is also based in Algonac, MI (www.threedsales.com).

Eckhart is a designer and manufacturer of specialized ergonomic tools that are sold to automotive and industrial manufacturers.  According to Eckhart, ergonomically correct machinery enhances process reliability and results in improved worker performance, worker safety, and product quality.  Eckhart’s products include custom-engineered lift assists, torque reaction devices, fixtures, inspection equipment and workstations. Customers include automotive and industrial original equipment manufacturers such as General Electric, Ford, Tesla, Faraday & Future, GM, John Deere, Bradford White and Caterpillar. The company is led by its President and CEO Andy Storm and operates from three company-owned facilities in Lansing, MI (www.eckhartusa.com).

“As manufacturers invest heavily in technology to increase product quality and achieve efficiencies in their factories, Auto Craft’s advanced material handling and tooling solutions will afford customers a one-stop, turn-key manufacturing systems supplier and eliminate the waste and overhead costs OEMs absorb coordinating with multiple vendors,” said Mr. Storm.

LFM Capital is based in Nashville and invests in US-based manufacturing and industrial services companies that have revenues from $10 million to $100 million and enterprise values from $15 million to $75 million.  LFM was formed in May 2014 by Steve Cook, Executive Managing Director; Rick Reisner, Managing Director; and Dan Shockley, Managing Director. The firm closed its first fund, LFM Capital Partners, LP, with $110 million in capital commitments in October 2014 (www.lfmcapital.com).

“My brother Michael and I were looking for a strong business partner that would be a good steward of our family legacy and the families who will depend on the future success of the company going forward. We chose to partner with LFM Capital and the Eckhart team because of their direct knowledge and experience in our business, their operational focus on continuous process improvement best practices, and their overall commitment to our employees, customers, and American manufacturing,” said David DuVernay.

© 2016 Private Equity Professional • 8-25-16

TVV Capital Adds-on to Big  3 Precision

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Big 3 Precision Products, a portfolio company of TVV Capital since October 2012, has acquired Sur-Form Corporation, a provider of material handling parts and systems. The acquisition of Sur-Form is the seventh investment for TVV Capital’s latest fund, TVV III which closed in December 2013.

Sur-Form designs and produces material handling equipment for the automotive industry, both as a supplier to other material handling businesses and as a direct supplier.  Sur-Form’s thermoformed and injection molded products include trays, bars and flippers that are designed to protect and transport products, such as sensitive or machined parts. Sur-Form was founded in 1997 by Edward Stacey, Jr. who will continue to lead the company under Big 3 ownership. Sur-Form operates a 45,000 square foot facility located northeast of Detroit in Chesterfield, MI (www.sur-form.com).

“The acquisition of Sur-Form highlights TVV’s focus on growing portfolio companies through add-on investments that provide operational and market synergies,” said Andrew Byrd, President of TVV Capital. “We acquired Big 3 Precision in October 2012 and believe the addition of Sur-Form will expand the growth opportunities for the combined companies.”

Big 3 is a supplier of injection blow mold (IBM) and injection stretch blow mold (ISBM) tooling and equipment to the plastics sector. Injection and stretch blow molding tools are used for the production of hollow objects in large quantities such as bottles, jars and other containers. Big 3’s customer base in this area includes pharmaceutical and personal care products companies such as GlaxoSmithKline, Bristol-Myers Squibb, and Procter & Gamble. Big 3 also manufactures parts and material handling racks for the automotive industry. Customers include automotive manufacturers such as Ford, General Motors, and Fiat Chrysler. Big 3 is led by its President and CEO, Alan Scheidt. The company was founded in 1970 and is headquartered east of St. Louis in Centralia, IL (www.big3precision.com).

“Sur-Form’s expertise in thermoforming and injection molding complements Big 3’s design and build capabilities while expanding their sales to Ford, General Motors, and Fiat Chrysler. Sur-Form’s operations are headquartered near Detroit and are expected to provide additional manufacturing capacity and distribution capabilities for Big 3,” added Mr. Byrd.

TVV Capital is a lower middle-market buyout firm focused on acquiring market-leading niche companies across a range of industries.  The firm targets companies with enterprise values from $10 million to $100 million, revenues from $15 million to $150 million, and EBITDA margins of 10 to 25 percent.  TVV Capital was founded in 1997 and is headquartered in Nashville (www.tvvcapital.com).

Legal advisors for TVV Capital were Nashville-based Bass, Berry & Sims (www.bassberry.com) and accounting services were provided by Marcum LLP (www.marcumllp.com).

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-10-16

Bertram Capital Adds-on with Valley Roller

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Maxcess International, a portfolio company of Bertram Capital, has signed an agreement to acquire Valley Roller Company.  Valley Roller joins Webex, Fife, Tidland and MAGPOWR under the Bertram Capital-owned Maxcess International ownership umbrella.

Valley Roller manufactures rubber covered rollers that are used in web or sheet handling applications in the pulp and paper, tissue, converting, plastics, coating and laminating sectors. The company was founded in 1984 and is headquartered in Appleton, WI with a second facility located near Dallas in Mansfield, TX (www.valleyroller.com).

Maxcess is a designer and manufacturer of industrial rolls, converting components, and specialized machinery for web handling and converting applications. The company is headquartered in Oklahoma City, OK (www.maxcessintl.com).

“This acquisition marks our third add-on acquisition for the Maxcess platform, and reaffirms our commitment to building a complete offering of web handling solutions,” said Kevin Yamashita, Partner at Bertram Capital.  “We’re thrilled to partner with the Valley Roller team and look forward to providing our global customer base with a full portfolio of roller products and services.  We also look forward to continuing our buy and build strategy with market leaders like Valley Roller.”

Maxcess was acquired by Bertram Capital in January 2014 from Merifin Capital and Windjammer Capital which had acquired the company in 2005. Bertram Capital merged the operations of Maxcess into its existing portfolio company Webex which it had acquired in April 2013.

“The acquisition of Valley Roller Company, our second acquisition in eight months, highlights our continued buy and build market strategy to broaden our one-stop-shop product and service offering,” said Greg Jehlik, CEO of Maxcess. “Being deeply focused on expansion through organic growth, targeted product development and acquisitions, Valley Roller Company is a perfect example of a category leader and an addition that will add significant capabilities at other Maxcess facilities moving forward.”

Bertram Capital invests in middle-market business services, consumer, healthcare, industrial and technology companies that have revenues from $30 million to $250 million and EBITDA of $5 million to $30 million. The firm is located in San Mateo, CA (www.bertramcapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 8-6-15

Sterling Acquires ProcessBarron

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The Sterling Group has completed its acquisition of ProcessBarron, a provider of air and material handling equipment.  Sterling acquired the business from the founding family and management team who are reinvesting alongside Sterling in the new transaction.

ProcessBarron is a designer, manufacturer, and installer of air, gas, and material handling equipment for a variety of heavy industrial applications in the pulp and paper, iron and steel, utility, cement, lime, wood products, textile, foundry and mining industries.  The company’s systems are used to move air, gas, or materials to and from boilers, kilns, and furnaces.  Process Barron also offers repair and maintenance services.  The company was founded in 1981 and is headquartered south of Birmingham in Pelham, AL (www.processbarron.com).

“Process Barron has a unique value proposition in its niche markets,” said Greg Elliott, Partner at The Sterling Group.  “We look forward to working with the Process Barron team to continue to broaden their product offerings and geographical reach to provide value to their customers.”

“Over the past 30 years, Process Barron has provided best in class service and equipment to a variety of process industries,” said Ken Nolen, President of Process Barron. “The entire Process Barron team looks forward to partnering with Sterling to further expand the business.”

The Sterling Group targets controlling interests in basic manufacturing, industrial services and distribution companies that have enterprise values from $100 million to $500 million. Sterling has sponsored the buyout of 46 platform companies and numerous add-on acquisitions for a total transaction value greater than $10 billion. Currently, Sterling has over $1 billion of assets under management through two active funds.  Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions and American Bath Group.  The firm was founded in 1982 and is headquartered in Houston (www.sterling-group.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-6-15

Levine Leichtman Completes Buy of FMC Material Handling

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FMC Technologies has completed the divestiture of its material handling products business to Syntron Material Handling, a new platform company formed by Levine Leichtman Capital Partners.

With the transaction closed, Syntron Material Handling is now a manufacturer of conveyor and vibratory equipment used to load, transport and feed bulk materials. Products are sold to customers throughout the world in the mining, aggregates, packaging and food industries. Syntron is headquartered in Tupelo, MS and has operations in Changshu, China and Salt Lake City, UT (no website found).

Senior debt financing was provided by CIT Finance (as Sole Lead Arranger, Sole Lead Bookrunner and Sole Administrative Agent), Siemens Financial Services (as Syndication Agent) and Ares Capital Corporation (as Documentation Agent).

Levine Leichtman Capital Partners manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 5-1-14

Levine Leichtman Acquires FMC Material Handling

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Levine Leichtman Capital Partners (LLCP) has entered into an agreement to acquire the material handling products business of FMC Technologies. Upon closing of the transaction, expected early in the second quarter, the business will be re-named Syntron Material Handling.

Upon closing, Syntron Material Handling will be a manufacturer of conveyor and vibratory equipment used to load, transport and feed bulk materials. The products are sold to customers throughout the world in the mining, aggregates, packaging and food industries. Syntron will be headquartered in Tupelo, MS and will have operations in Changshu, China and Salt Lake City, UT.

“FMC Technologies’ material handling business has been a market leader in its core markets for decades and is known for manufacturing the highest quality bulk material handling equipment throughout the world,” said Lauren Leichtman, Co-Founder and CEO of LLCP. “We are excited to partner with the experienced senior management team and look forward to supporting the future growth of the company.”

Senior debt financing will be provided by CIT Finance (as Sole Lead Arranger, Sole Lead Bookrunner and Sole Administrative Agent), Siemens Financial Services (as Syndication Agent) and Ares Capital Corporation (as Documentation Agent).

Levine Leichtman Capital Partners manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 3-25-14

Prospect and Schilling Acquire Cyclonaire

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Prospect Partners and Schilling Ventures have acquired Cyclonaire, a provider of pneumatic conveying systems. Cyclonaire is the seventh platform company in Prospect Partners’ $200 million third fund and the third investment for Schilling Ventures.

Cyclonaire provides custom-engineered and manufactured pneumatic conveying systems for the transfer of dry bulk materials including cement, chemicals, food, minerals, petrochemicals, proppants (used in hydraulic fracturing) and sand. The company’s products are used in railcar unloading, locomotive track sanding, dust collection, automation, batching and blending, and aeration systems. Cyclonaire will continue to be led by Jerry Elfring, President, who has been with the company almost since its inception in 1973. Cyclonaire is headquartered near Lincoln in York, NE (www.cyclonaire.com).

“Prospect Partners and Schilling Ventures felt like the right fit from the start,” said Mr. Elfring. “They fully embrace our emphasis on top-quality equipment, design integrity, and exceptional customer service. We look forward to their support and guidance as we grow our core business and expand into new markets. We are excited about what the future holds for Cyclonaire.”

“With a stellar reputation, a superb management team, specialized technology, and significant continued growth potential, Cyclonaire stands out as a market leader in the fragmented pneumatic conveying industry,” said Maneesh Chawla, a Principal at Prospect Partners.

With the purchase of Cyclonaire, Prospect and Schilling are now seeking add-on acquisitions of other pneumatic conveying and material handling companies as well as manufacturing automation and controls businesses. “We look forward to supporting management in building a larger company in the broader material handling space and to partnering with Schilling Ventures, a skilled operator with a focus on lean manufacturing initiatives,” said Mr. Chawla.

Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues of less than $75 million. Since 1998, Prospect Partners has invested nationwide in more than 105 companies in a range of niche manufacturing, distribution, and specialty service markets. The firm has $470 million of capital under management and is based in Chicago with an additional office in Menlo Park (www.prospect-partners.com).

Schilling Ventures invests in companies that have revenues of $2 million to $20 million and EBITDAs of $500,000 to $5 million. Sectors of interest include non-automotive transportation, building products, material handling, food, water treatment, and energy components. The firm is headquartered in the Chicago suburb of Naperville (www.schillingventures.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 1-8-14

KKR Acquires The Crosby Group and Acco Material Handling

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KKR has signed an agreement to acquire The Crosby Group and Acco Material Handling Solutions from Melrose Industries for approximately $1 billion.

The Crosby Group manufactures lifting and rigging products, such as shackles, blocks, sheaves, fittings, hooks, swivels, and clamps used in the oil and gas, construction, mining and industrial sectors. Brand names include Crosby, McKissick, National and Lebus. Crosby has over 1,300 employees and is headquartered in Tulsa, OK (www.thecrosbygroup.com).

Acco manufactures material handling products including monorail cranes and hoists, grabs, lifters, tracks, crane components, hand trucks, and casters. Brand names include Louden, Wright and Nutting. The company has approximately 130 employees is headquartered in York, PA (www.accomhs.com).

“Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs. We are excited to partner with the many dedicated employees of both companies and look forward to working together to begin a new chapter of growth and global expansion,” said Pete Stavros, a Member of KKR and Head of the firm’s Industrials investing team.

KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. The firm has $83 billion in assets under management. In addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).

Fully committed financing for this transaction will be provided by Morgan Stanley, UBS Investment Bank, and KKR Capital Markets.

Rothschild and Simmons & Company International served as lead financial and M&A advisors to KKR, and Morgan Stanley, UBS Investment Bank, and RBC Capital Markets also served as M&A advisors. Kirkland & Ellis served as legal counsel to KKR.

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-10-13

Incline Equity Partners Exits Portec Group

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Portec Group International, a manufacturer of conveyor belt turns and spirals and a portfolio company of Incline Equity Partners, has been sold to The Interroll Group. Incline Equity Partners (previously PNC Equity Partners) acquired Portec from Code Hennessy & Simmons in March 2005.

Portec Group International is a manufacturer of power belted turn and spiral conveyors and related parts for the airport baggage handling, distribution and warehousing, postage and parcel, and manufacturing industries. The company has an installed base of over 60,000 units, most of which were customized to exact customer specifications. Portec had revenues in 2012 of $20 million and is headquartered in Cañon City, CO (www.portec.com).

The Interroll Group is a global manufacturer of products for unit load handling systems, internal logistics and automation. Sectors served include airports, parcel and postal services, distribution centers and food processing facilities. The company has annual revenues of approximately CHF 300 million. The Interroll Group was founded in 1959 and is based in Sant’ Antonino, Switzerland (www.interroll.com).

Incline Equity Partners invests from $10 million to $25 million in support of leveraged buyouts, recapitalizations, and large minority financings of lower middle market growth companies with enterprise values between $25 million and $100 million across a variety of sectors including light manufacturing, value-added distribution, and business and industrial services. The firm was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-14-13

Odyssey Acquires Fischbein

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Odyssey Investment Partners has acquired Fischbein, a supplier of packaging machinery and material handling equipment, from a group of investors led by MSouth Equity Partners. The Fischbein senior management team has invested in the transaction alongside Odyssey and will continue to lead the company. The investment in Fischbein marks Odyssey’s 10th portfolio investment in Odyssey Investment Partners Fund IV.

“Fischbein is a market leader within each of its niche product applications and serves a variety of attractive end markets. We believe Fischbein is an excellent platform for expansion through organic growth and strategic add-on acquisitions, and we are excited to partner with Fischbein’s outstanding management team to continue Fischbein’s strong track record of growth,” said Dennis Moore, Principal of Odyssey.

Fischbein supplies packaging equipment and material handling products to customers across multiple end markets. Fischbein’s Packaging Equipment division provides components, systems and aftermarket replacement parts that fill, close, weigh and handle open mouth bags. Products are used in the agriculture, food, pet food, minerals and chemicals end markets. The Material Handling Group is a manufacturer of flexible and rigid conveyors used to load and unload non-palletized items on and off trucks in retail stores and distribution centers. Products are used in the retail, distribution center, parcel/post and e-commerce sectors. The company has 11 manufacturing and sales/distribution facilities throughout the US, Europe and Singapore and is headquartered in Suwanee, GA (ww.fischbein.com).

“The Odyssey team’s deep understanding of our industry and end markets will be a valuable resource as we build on our considerable experience in the packaging and material handling equipment sectors. Together with our new strategic partner, we plan to expand our capabilities to better serve existing and future customers, and to strategically enhance our growth prospects in North America and around the world,” said Jeff Reed, CEO of Fischbein.

Fischbein was represented by Sagent Advisors, an investment bank with offices in New York, Charlotte, Chicago, San Francisco, and McLean, VA (www.sagentadvisors.com).

Odyssey Investment Partners is a middle-market private equity firm with more than $3 billion under management. Odyssey makes control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing; business, financial and healthcare services; aerospace products; and localized and route-based service businesses. The firm has offices in New York and Woodland Hills, CA (www.odysseyinvestment.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-13-13

The Pritzker Group Acquires Intersystems

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The Pritzker Group has acquired Intersystems, a manufacturer of material handling equipment used in the agriculture industry.  The entire Intersystems management team invested alongside The Pritzker Group and will continue to lead the company.

Intersystems is a designer and manufacturer of specialized material handling equipment serving the agriculture industry.  The company’s product portfolio includes en-masse and enclosed belt conveyors, bucket elevators, bulk weighers, truck probes, grain samplers, gravity screeners, distributors, micro ingredient systems, and bolted bin systems. The company was founded in 1959 and is based in Omaha (www.intersystems.net).

“We see great opportunities for Intersystems in the world grain and feed markets,” said Tom Schroeder, Intersystems chief executive officer. “The resources of The Pritzker Group will ensure our continued growth by helping us add new products and services to better meet the needs of our customers.”

The Pritzker Group’s middle-market investment team acquires North American-based companies with enterprise values between $75 and $400 million, focusing on businesses with leading positions in the manufactured products, healthcare, and services sectors. The firm’s middle-market and venture capital teams have acquired or invested in more than 100 companies over the past decade. The Pritzker Group is based in Chicago (www.pritzkergroup.com).

“Intersystems has grown significantly under Tom and his team’s stewardship, and we are proud to partner with them,” said Michael Barzyk, vice president of The Pritzker Group.  “Intersystems serves as a great example of our strategy to invest in leading companies serving the global agricultural market.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-16-13