KKR Completes Acquisition of Bettcher Industries and Names Dan Daniel Chairman

Rhea-AI Summary

Bettcher Industries, a key player in food processing equipment, has been acquired by KKR from MPE Partners. Effective immediately, Dan Daniel, KKR Executive Advisor, is appointed Chairman, supporting CEO Tim Swanson in strategic growth initiatives. KKR emphasizes employee engagement, allowing all workers to share in ownership benefits and investing in training. This acquisition aims to enhance Bettcher's market position and foster innovation in food processing automation.

Positive

• KKR's acquisition positions Bettcher for growth and market expansion.
• Strategic leadership by Dan Daniel expected to drive operational performance.
• Employee engagement strategies may enhance workforce morale and productivity.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Bettcher Industries (“Bettcher” or the “Company”), a leading manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables, and KKR, a leading global investment firm, today announced the completion of KKR’s acquisition of Bettcher from MPE Partners.

Effective upon the transaction close, Dan Daniel, a KKR Executive Advisor, will assume the role of Chairman of Bettcher. Mr. Daniel will support Tim Swanson, CEO of Bettcher, in setting the strategic direction of the company and in overseeing Bettcher’s operating performance.

“Bettcher is a great business and an iconic brand, and I am honored to support the Company in its growth ambitions from here,” said Mr. Daniel. “Through continued growth and accretive acquisitions, we can together build Bettcher into a scaled leader in food processing automation equipment and I look forward to working alongside the Bettcher management team and KKR to do exactly that,” said Mr. Daniel.

Mr. Daniel has three decades of experience leading U.S. industrial companies, most recently serving as an Executive Vice President at Danaher from 2008 through March 2020. During his 14 years as an Executive Officer at Danaher, Mr. Daniel directly managed Danaher’s Industrial Technologies and Life Sciences portfolios until 2017, and, from 2017 until his retirement in March 2020, directly managed the company’s Diagnostics and Dental segments.

“I am excited to be partnering with KKR and Dan as they share our vision at Bettcher of driving continued innovation while providing outstanding support to our customers. Together, we will be able to build upon Bettcher’s legacy to partner with our customers in new and expanded ways,” said Mr. Swanson.

KKR will also be supporting Bettcher in implementing KKR’s broad-based employee engagement model at the Company. Since 2011, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

About Bettcher Industries

Headquartered in Birmingham, Ohio, Bettcher 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 services 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/20211215005315/en/

For Bettcher Industries:

Bryan Hesse

(440) 204-3291

BryanHesse@bettcher.com

For KKR:

Cara Major or Julia Kosygina

(212) 750-8300

media@kkr.com

Source: KKR

FAQ

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

The acquisition aims to enhance Bettcher's market position and drive growth through innovation and strategic leadership.

What changes in leadership occurred after KKR's acquisition?

Dan Daniel has been appointed Chairman of Bettcher, supporting CEO Tim Swanson.

How might KKR's acquisition impact Bettcher's employees?

KKR plans to implement employee engagement strategies, allowing employees to share in ownership benefits and invest in their training.

What is KKR's strategy for Bettcher Industries post-acquisition?

KKR aims to drive growth through continued innovation and accretive acquisitions in food processing automation.

When was the acquisition of Bettcher Industries by KKR completed?

The acquisition was completed on the date of the press release.