Kadant completes acquisition of Syntron Material Handling
Kadant Inc. announced today the completion of its acquisition of Syntron Material Handling Group, LLC, a provider of material handling equipment and systems to various process industries, from entities affiliated with Levine Leichtman Capital Partners for approximately $179 million, subject to certain customary adjustments. The transaction was financed through borrowings under the Company’s revolving credit facility.
“We are excited to welcome Syntron to the Kadant family and look forward to the new opportunities this combination will bring to our business,” said Jonathan Painter, president and chief executive officer of Kadant. “Syntron not only extends our breadth of premier offerings to process industries, but also gives us access to new industries that offer potential avenues for growth.”
Syntron is based in Tupelo, Mississippi with approximately 250 employees worldwide and revenue of approximately $89 million for the trailing twelve months ended October 31, 2018.