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Management Side
Kadant to Acquire Syntron Material Handling

WESTFORD, Mass. (News release) -- Kadant Inc. has entered into a definitive agreement to acquire Syntron Material Handling Group, LLC 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, China under 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.

Kadant also announced that prior to entering into the purchase agreement to acquire Syntron, it entered into a limited consent under the Company's existing credit agreement, pursuant to which lenders under the credit agreement agreed to limit certain funding conditions under the agreement with respect to loans the Company may request to fund a portion of its acquisition of Syntron. The acquisition is expected to close in January 2019, subject to the satisfaction of customary closing conditions. Houlihan Lokey served as the exclusive financial adviser to Levine Leichtman Capital Partners.

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