Hillenbrand Announces Binding Offer to Acquire LINXIS Group
Hillenbrand, Inc. announced today that it has signed a binding offer to acquire LINXIS Group from IBERIS INTERNATIONAL S.À R.L, an affiliate of IK Partners, and additional sellers for an enterprise value of approximately €572 million. LINXIS Group is a leading global provider of mixing, ingredient automation, and portioning solutions for food and other higher growth end markets. Upon completion of required works council consultations, the parties expect to enter into a definitive purchase agreement, with closing expected to occur before calendar year end, subject to regulatory approvals.
LINXIS Group has six market-leading brands – Bakon, Diosna, Shaffer, Shick Esteve, Unifiller, and VMI – that serve customers in over 100 countries. With a global footprint and headquarters in Nantes, France, LINXIS Group specializes in the design, manufacturing, and service of dosing, kneading, mixing, granulating, drying and coating technologies that are complementary to the equipment and solutions offered under Hillenbrand’s Coperion brand. LINXIS Group expects calendar year 2022 revenue of approximately €300 million with mid-teen EBITDA margins.
“LINXIS Group will continue to build upon our profitable growth strategy by further strengthening and accelerating our position in the attractive food end market and enhancing the technical capabilities of our products and service offerings,” said Kim Ryan, President and CEO of Hillenbrand. “By leveraging the combined capabilities of our Coperion brand and the LINXIS Group brands, we will be able to offer more comprehensive processing solutions, creating significant value for our customers. Through cross-selling opportunities in key geographies, the deployment of the Hillenbrand Operating Model, and utilization of our scalable foundation, we expect this acquisition to deliver compelling long-term shareholder value.”
Upon completion of this transaction, LINXIS Group and its over 1,000 global employees operating in ten manufacturing facilities will join its Coperion and Rotex brands as part of Hillenbrand’s Advanced Process Solutions (APS) segment. The APS segment provides highly engineered industrial equipment and systems and aftermarket parts and services for a variety of end markets and applications.
Hillenbrand expects to use committed debt financing, cash on hand, and cash available under its revolving credit facility to fund this acquisition.
Linklaters LLP is serving as legal counsel and SMBC Nikko is acting as a financial advisor for Hillenbrand.
Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand’s portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com.
About LINXIS Group
LINXIS Group’s purpose is to leverage our collective expertise to develop and implement specialized equipment solutions, enabling our customers to be best-in-class industrial players wherever they operate. Bakon (The Netherlands), Diosna (Germany), Shaffer (USA), Shick Esteve (USA/France), Unifiller (Canada) and VMI (France) are part of LINXIS Group. For more information, visit www.LINXISGroup.com.
Source: Hillenbrand, Inc.