CLEVELAND and BOSTON, March 25, 2019 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity") announced today the acquisition of Cantrell, a U.S.-based manufacturer of equipment and systems for the poultry processing industry. Cantrell will join with Gainco, a division of MPE's portfolio company, Bettcher Industries, Inc. ("Bettcher"), to form a leading national provider of poultry processing equipment and parts.
MPE and Bettcher partnered in the transaction with entrepreneurs Dane Woods and Tony Rice, who will remain in their roles as leaders of the company. Matt Yohe, Partner at MPE, said, "We saw a fantastic fit between Bettcher, Gainco, and Cantrell, and believe their shared capabilities and synergy opportunities will accelerate the growth of the combined company."
Karen Tuleta, Partner at MPE, added, "This acquisition is an excellent example of the value MPE's partnership with Bettcher's ESOP has created, providing the capital required to make growth investments and the transaction expertise required to complete acquisitions. We are very excited to partner with Bettcher's employee owners on this investment."
Joe Cowman, President of Bettcher's poultry group noted, "Dane Woods and Tony Rice will remain as co-General Managers, and Cantrell customers will see no changes in how we serve them. We anticipate offering expanded solutions and services by building synergies with our companion businesses."
Dane Woods, General Manager of Cantrell, commented, "Total commitment to customers is, as always, our top priority. Every Cantrell customer will have access to the same fine products, parts, and support that have defined our success in the marketplace."
BakerHostetler served as legal advisor to MPE.
In the nearly 50 years since its founding in 1972, Cantrell has earned a reputation for designing and delivering quality products and parts that meet the needs of the poultry processing industry. Among the products the company manufactures are evisceration and picking equipment, second processing equipment, wing segmenters, vacuum systems, and spare parts. Cantrell sells its products to leading poultry processors in the United States, Canada, and Latin America. Cantrell is headquartered in Gainesville, GA.
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 industries.
About Gainco, Inc.
Gainco, Inc., is a major provider of solutions to optimize yields in poultry and meat processing plants, with offerings that include weighing, inspection, trimming, and deboning applications. Like Cantrell, Gainco is headquartered in Gainesville, GA. This close proximity will facilitate shared collaboration in developing new products and solutions for customers.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur-, family-, and ESOP-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.
SOURCE MPE Partners