CHICAGO — JBT Corporation, a global technology solutions provider to high-value segments of the food and beverage industry, announced that it has completed the previously announced acquisition of Bevcorp.
"We are excited to announce that we completed the acquisition of Bevcorp," said President and CEO Brian Deck. "The acquisition of Bevcorp expands JBT's capabilities in the carbonated beverage processing and packaging market, and it brings a highly resilient business model with more than 60% recurring revenue along with a best-in-class service culture.
"The unique combination of Bevcorp and JBT allows for meaningful cross selling and future growth opportunities in both food and beverage."
Bevcorp is a leading provider of equipment and aftermarket support for the beverage processing and packaging market in the U.S. The business provides core technology solutions in blending, handling, filling and closing to a range of diverse customers, including blue chip companies.
Bevcorp's product offerings are used in high-value segments of the beverage market, including carbonated soft drinks, seltzers, carbonated water, energy drinks and ready-to-drink alcoholic blends. Additionally, the business' unique process know-how and service culture provide a resilient mix of rebuilds, aftermarket parts and services.
"By integrating Bevcorp into the JBT family of brands and leveraging our global sales and service network, we can expand Bevcorp's growth opportunities beyond the United States," said Deck. "Additionally, JBT's existing strength in non-carbonated beverage and food processing creates cross selling synergies with Bevcorp."
JBT acquired Bevcorp for an enterprise value of $290 million, subject to customary post-closing adjustments. The transaction was treated as a purchase of assets, which provides a meaningful tax step-up benefit with a net present value of approximately $35 million.
