Cleveland, OH and Boston, MA – MPE Partners (“MPE” or “Morgenthaler Private Equity”) announced today the recapitalization of Bettcher Industries, Inc. (“Bettcher” or “the Company”), a leading developer and manufacturer of innovative equipment for the food processing, foodservice, industrial, and medical markets.
MPE Partners will be investing alongside Bettcher’s employees, with the Company’s existing ESOP retaining a significant minority ownership stake. The investment provides Bettcher with access to the capital and resources that will enable it to achieve its strategic growth and diversification goals, including strategic add-on acquisitions.
“Bettcher is a global leader in its markets and has built its business through a long history of product innovation and superior customer service,” said Peter Taft, an MPE Partner. “We have been incredibly impressed by the strength and depth of the Bettcher leadership team. We look forward to partnering with them as they execute the Company’s multi-faceted growth plan, including actively seeking add-on acquisitions.”
Don Esch, CEO at Bettcher, said, “These are exciting times for Bettcher. This strategic move positions us to continue our growth and further diversify our market activities, even as we continue to operate all of our existing businesses exactly as before.”
Mr. Esch also noted, “Our success as an enterprise is a direct result of our longstanding commitment to support our customers by providing leading-edge products and solutions. That commitment doesn’t change. Our mission continues to be to develop, manufacture, and market high quality, technically superior products that are unique and inventive in nature and that address unmet needs, coupled with a total commitment to quality service. This partnership allows us to do more of that than ever before.”
BakerHostetler served as legal advisor to MPE. Prairie Capital Advisors, Inc. acted as the investment banking advisor to Bettcher.
About Bettcher Industries, Inc.
Headquartered in Birmingham, OH, Bettcher Industries, Inc. is a leading developer and manufacturer of innovative equipment for food processing, foodservice, industrial, medical, and other operations.
About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $5 – $20 million. MPE has two primary target investment areas: high-value manufacturing and industrial services. For more information, please visit www.mpepartners.com.
Matt Yohe at myohe*AT*mpepartners.com