Bettcher Industries Inc., a leading manufacturer and supplier of food processing equipment and associated aftermarket parts and services, announced that it will be acquired by KKR, a leading global private equity firm.

KKR is acquiring Bettcher Industries from Morgenthaler Private Equity (MPE), which has owned a majority stake in the company since 2017. The deal is expected to close in December 2021.

Tim Swanson, CEO of Bettcher Industries, and the rest of the leadership team will remain with the company under KKR’s ownership. The acquisition includes all the divisions within the Bettcher Industries portfolio, including:

• 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.

Under KKR’s ownership, Bettcher Industries will continue to be focused on growing its existing business, while also innovating to support an evolving customer base. Bettcher Industries' portfolio of innovative and industry-leading products meant to improve customer yield, while enhancing worker safety and comfort.

Established in 1944, Bettcher Industries was a family-owned company until 2014, when it became 100 percent owned by an Employee Stock Ownership Plan (ESOP). In 2017, the employee owners made the strategic decision to sell a majority stake in the company to MPE. After the acquisition, KKR will own 100 percent of the company and plans to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in any equity return alongside KKR.

“The Bettcher Industries portfolio of businesses is built on a culture of employee engagement and ownership that has enabled us to serve customers and deliver meaningful solutions to the market,” said Swanson. “Our journey, through our partnership with MPE, has resulted in creating a scalable enterprise capable of accelerating organic growth and expanding globally through a targeted mergers and acquisitions strategy. We appreciate MPE’s support and guidance over the past four years. As we transition to working together with KKR, we are excited to activate our shared vision of building platform scale and investing in our team. Through their global reach and resources, I am convinced that KKR will help us accelerate our strategy and fuel our mission of Helping our Customers Feed the World.”

For more information visit www.bettcher.com.