DOWNERS GROVE, Ill. and
NEW YORK, Oct. 29, 2021 /PRNewswire/ -- Duravant LLC
("Duravant"), a global engineered equipment and automation
solutions provider to the food processing, packaging and material
handling sectors, today announced a significant investment from
funds led by global investment firm Carlyle (NASDAQ: CG), and continued
partnership with Warburg Pincus, a leading global growth investor.
Terms of the transaction were not disclosed.
Duravant is a leading global automation solutions company,
focused on mission-critical packaging, food processing and material
handling automation equipment used primarily in the food and
beverage, e-commerce and distribution, agriculture, consumer
products and industrial end markets. With manufacturing, sales and
service facilities throughout North
America, Europe and
Asia, Duravant delivers trusted
end-to-end process solutions for customers and partners through
engineering and integration expertise, project management, and
operational excellence. Through worldwide sales distribution and
service networks, the company provides immediate and lifetime
aftermarket support to all the markets they serve in the food
processing, packaging and material handling sectors.
"We are excited to have the combined capabilities of two world
class investors behind our efforts to provide innovative and
critical solutions to better serve Duravant's global customers and
partners. The partnership will further enhance our resources to
scale our platform, invest in our team and bring new capabilities
to the market," said Mike Kachmer,
President and CEO of Duravant. "Our new relationship with
Carlyle, and continued
relationship with Warburg Pincus, will allow us to build on the
shared success we have achieved to date."
The partnership among Duravant, Carlyle and Warburg Pincus will allow Duravant
to capitalize on continued organic and inorganic growth
opportunities, including new product development, geographic
expansion and continued acquisitions of market leading automation
equipment brands.
"Over the past four years of our partnership, Duravant has
developed an expansive portfolio of high-quality brands that
continue to benefit from the favorable secular tailwinds of
automation. Through transformative opportunities such as the launch
of the nVenia packaging platform, the creation of the SupportPro
aftermarket organization and the recent acquisition of Foodmate,
Duravant has been able to meet the increased demand for automation
products in each of its key segments and offer an expanded set of
solutions to its customers," said Jeff
Goldfaden, Managing Director and Head of Industrials,
Warburg Pincus. "We firmly believe in the accelerated adoption of
automation solutions across a broad range of applications in
Duravant's end markets and look forward to our continued
partnership with Mike and the Duravant team through their next
phase of growth," added Dan Zamlong, Managing Director, Warburg
Pincus.
Warburg Pincus is an active investor in industrials, with
current and historical investments including, Consolidated
Precision Products, Extant Aerospace, Infinite Electronics, Pregis,
Service Logic, Sundyne, TransDigm and TriMark USA, among others.
"We're thrilled to be partnering with Mike, the Duravant team,
and Warburg Pincus on this investment, which aligns with our
long-standing strategy to back industry leaders," said Wes Bieligk, a Managing Director specializing in
Industrial and Transportation at Carlyle. "Duravant is a world class business
with a long-term track record of growth and is well positioned to
benefit from attractive automation trends across its end
markets."
The investment in Duravant is a continuation of Carlyle's long-term global commitment to
Global Industrial and Transportation sectors, in which it has
invested over $26 billion since
inception including investments in Atotech, Nouryon, and Novolex,
among others.
Goldman Sachs served as lead financial advisor to Duravant. In
addition, Jefferies Group and William
Blair served as financial advisors for Duravant.
Cleary Gottlieb Steen & Hamilton
served as legal advisor for Duravant. Latham & Watkins
served as legal advisor to Carlyle. Transaction is subject to customary
closing conditions.
About Duravant
Headquartered in Downers Grove,
IL, Duravant is a global engineered equipment company with
manufacturing, sales and service facilities throughout North America, Europe and Asia. Through their portfolio of operating
companies, Duravant delivers trusted end-to-end process solutions
for customers and partners through engineering and integration
expertise, project management and operational excellence. With
worldwide sales distribution and service networks, they provide
immediate and lifetime aftermarket support to all the markets they
serve in the food processing, packaging and material handling
sectors. Duravant's market-leading brands are synonymous with
innovation, durability and reliability. For more information, visit
www.duravant.com.
About Carlyle
Carlyle (NASDAQ: CG) is a
global investment firm with deep industry expertise that deploys
private capital across three business segments: Global Private
Equity, Global Credit and Global Investment Solutions. With
$293 billion of assets under
management as of September 30, 2021,
Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest.
Carlyle employs more than 1,800
people in 26 offices across five continents. Further information is
available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $67 billion in private
equity assets under management. The firm's active portfolio of more
than 215 companies is highly diversified by stage, sector, and
geography. Warburg Pincus is an experienced partner to management
teams seeking to build durable companies with sustainable value.
Founded in 1966, Warburg Pincus has raised 20 private equity funds,
which have invested more than $97
billion in over 960 companies in more than 40 countries. The
firm is headquartered in New York
with offices in Amsterdam,
Beijing, Berlin, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore. For more information please visit
www.warburgpincus.com.
Contact
Duravant
Eleni Yianas
+1.630.635.3914
eleni.yianas@duravant.com
Carlyle
Brittany Berliner
+1.212.813.4839
Brittany.Berliner@carlyle.com
Warburg Pincus
Sarah McGrath
Bloom
Sarah.Bloom@warburgpincus.com
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SOURCE Duravant LLC