KKR Acquisition of Bettcher Industries, Inc. Complete

Rhea-AI Summary

Bettcher Industries, a leader in food processing equipment, has been fully acquired by KKR, a prominent global private equity firm. This acquisition was finalized following KKR's announcement in November to buy Bettcher from Morgenthaler Private Equity. CEO Tim Swanson emphasized that the partnership with KKR will enhance Bettcher's growth, leveraging KKR's global reach and expertise. Bettcher's offerings include a range of innovative products aimed at improving yield and safety in food processing, including its renowned Bettcher handheld trimmers and processing equipment under Cantrell-Gainco.

Positive

• Acquisition by KKR is expected to enhance Bettcher's growth potential.
• Access to KKR's global expertise and resources will support innovation.
• KKR's portfolio includes various divisions of Bettcher, ensuring operational synergies.

Negative

• None.

Food processing equipment leader now wholly owned by global private equity firm

BIRMINGHAM, Ohio--(BUSINESS WIRE)-- Bettcher Industries Inc. (Bettcher Industries), a leading manufacturer and supplier of food processing equipment and associated aftermarket parts and services, announced today that its acquisition by KKR, a leading global private equity firm, is complete.

KKR announced its intention to acquire 100 percent of Bettcher Industries from Morgenthaler Private Equity in November of this year. The deal officially closed this week. Bettcher Industries is now part of KKR’s portfolio of industrial companies.

“We are thrilled to officially be part of the KKR team, and we can’t wait to combine our resources to continue building upon our legacy and leadership in the food processing equipment industry,” said Tim Swanson, who retains his role as CEO, Bettcher Industries. “Being part of KKR provides us access to expertise and a global reach that will accelerate the growth of our existing business, while also innovating to support an evolving customer base — all in the service of being able to better fulfill our mission of helping our customers feed the world.”

The acquisition includes all the following divisions within the Bettcher Industries portfolio of innovative and industry-leading products meant to improve customer yield, while enhancing worker safety and comfort:

• Tooling Business:
  • Bettcher, a global leader in handheld trimmers, tools and cutting consumables.

• Process Solutions Group:
  • Cantrell-Gainco, a manufacturer of processing equipment, yield enhancement and yield tracking systems for meat, poultry and fish operations.
  • ICB Greenline, an aftermarket replacement parts and service company.

• Medical Device Business:
  • Exsurco Medical, a medical device company that provides innovative products and services for surgical grafting and debridement.

About Bettcher Industries, Inc.

Headquartered in Birmingham, Ohio, Bettcher Industries, Inc. is a leading developer and manufacturer of innovative equipment in the food processing and medical device industries. The Bettcher portfolio includes the following: Bettcher, a designer and manufacturer of handheld trimmers, tools and cutting consumables for all protein applications; Cantrell-Gainco, a manufacturer of processing equipment and yield enhancement and yield tracking systems for various protein operations; ICB Greenline, an aftermarket replacement parts and service company focused on poultry processing; and Exsurco Medical, a leading-edge medical device company that provides innovative products and services to transform surgical grafting, debridement, and recovery outcomes for patients with burn and trauma wounds.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005130/en/

Bryan Hesse

Vice President of Marketing

Bettcher Industries, Inc.

440-752-1102

BryanHesse@bettcher.com

Source: Bettcher Industries, Inc.

FAQ

What is the significance of KKR's acquisition of Bettcher Industries?

KKR's acquisition allows Bettcher to leverage global expertise and resources, which is expected to accelerate its growth and innovation in the food processing equipment sector.

When was the acquisition of Bettcher Industries by KKR completed?

The acquisition was officially completed this week following KKR's announcement in November.

What products does Bettcher Industries offer after the KKR acquisition?

Bettcher Industries offers a variety of products including handheld trimmers, processing equipment for meat and poultry, aftermarket replacement parts, and innovative medical devices.

How will KKR's acquisition affect Bettcher Industries' business strategy?

The acquisition is expected to enhance Bettcher's business strategy by providing access to KKR's resources, facilitating growth, and fostering innovation to better serve its evolving customer base.

What divisions are included in the Bettcher Industries portfolio after the acquisition?

The portfolio includes Bettcher's Tooling Business, Process Solutions Group (Cantrell-Gainco and ICB Greenline), and Exsurco Medical in the medical device sector.