Private equity firm Warburg Pincus entered a definitive agreement to acquire Duravant LLC, a provider of automation and engineered equipment to the food processing, material handling, and packaging sectors, from an Odyssey Investment Partners fund, the purchasing company announced by press release.
“Duravant has built a world-class portfolio of market-leading automation solutions in a variety of attractive end markets. We see meaningful opportunity to continue expanding the platform,” said Jeff Goldfaden, managing director of Warburg Pincus, in the release.
Financial terms of the acquisition were not disclosed. Downers Grove, IL-based Duravant serves 190 countries with equipment brands like Hamer-Fischbein, Marlen International, Arpac, and FMH Conveyors.
“We are very pleased to partner with Warburg Pincus and look forward to leveraging their deep experience and exceptional network of resources to accelerate our growth strategy,” Mike Kachmer, chief executive officer of Duravant, said in a statement.
The acquisition is expected to close in the latter half of 2017 pending regulatory approvals.
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