May River Capital, a Chicago-based private equity firm, announced Wednesday it has acquired Millburn-based Kason Corp., a manufacturer of screening and processing equipment.
Under terms of the deal, Kason will become part of May River’s platform company Advanced Material Processing, which focuses on material processing equipment for such sectors including food and beverage, pharmaceutical and chemical, along with May River’s existing portfolio company, Marion Process Solutions.
“These two companies (Kason and Marion) offer a deeply-synergistic opportunity to scale a set of highly-engineered product portfolios that are tailored to mission critical applications,” Kason CEO Henry Alamzad said. “We look forward to expanding their footprints whilst bringing the strengths of both organizations to bear in the market, solving the greater material processing needs of our customers.”
Winston & Strawn LLP served as legal counsel and Abacus Finance Group LLC and Northstar Capital provided debt financing to May River. Hennepin Partners LLC served as financial advisor and Paul Hastings LLP served as legal counsel to Kason and its shareholders.
“AMP is an exciting new platform for May River,” Chip Grace, partner, May River, said. “Material processing equipment is a highly fragmented sector. Combining industry leading, complementary material processing equipment manufacturers will allow us to advance engineering capabilities, in addition to providing other synergies. Our goal is to create short- and long-term value by providing better products and services to our customers.”
Financial and other terms were not disclosed.
