KKR
24.5.2022 14:02:15 CEST | Business Wire | Press release
Bettcher Industries (“Bettcher”), a leading manufacturer of protein processing equipment, today announced the signing of a definitive agreement under which it will acquire Frontmatec (the “Company”) from Axcel. KKR, which acquired Bettcher in December 2021, will invest additional capital from its North American private equity strategy to support the transaction.
Headquartered in Kolding, Denmark, Frontmatec is a global manufacturer of end-to-end automated solutions for pork and beef processing, with world-class robotics and vision system capabilities. The Company serves as a full line supplier of processing equipment, parts and services, instruments, and software, which help solve key issues around food and worker safety.
The transaction represents an important step in Bettcher and KKR’s strategy to build a scaled food processing automation platform serving food processing plants globally. In addition to delivering leading automation capabilities, the purchase of Frontmatec deepens Bettcher’s footprint in Europe. Frontmatec’s executive team led by Allan Kristensen is expected to remain in place to continue to grow the business after the transaction closes.
“Frontmatec has built a leading brand and position by enabling customers to continuously improve the productivity and safety of their workforce. The Company’s capabilities in automation and its global presence make it a superb fit for the Bettcher platform, and we are excited to work with Allan and his team to extend our collective innovation leadership,” said Tim Swanson, CEO of Bettcher.
“We are excited to join forces with Bettcher and believe this strategic transaction will enable Frontmatec to continue expanding our suite of solutions which are helping to meet the accelerating global demand for improved yield in production and food quality. I would like to thank the Axcel team, who have been instrumental in developing Frontmatec into the leading provider it is today, as well as our employees for their tremendous efforts. We are proud of everything we have accomplished and are focused on the exciting opportunity to continue growing our business together with Bettcher and KKR,” said Allan Kristensen, CEO of Frontmatec.
Bettcher will continue to add other world-leading food processing capabilities, while maintaining Frontmatec’s strong culture and values. As part of the transaction, KKR will extend its employee engagement program to all employees at Frontmatec. The strategy’s cornerstone is to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in any equity return alongside KKR.
“We have great admiration for the Frontmatec team, and view the Company as a highly compelling strategic addition to Bettcher as we pursue our long-term strategy of building a scaled global platform serving customers in the food and food processing industry. We are very excited about the growth that lies ahead, and look forward to continuing to build on the platform from here,” said Dan Daniel, Chairman of Bettcher.
“We are thrilled to welcome Frontmatec and its automated food processing capabilities into the Bettcher and KKR family, and thank Axcel for creating an industry leader in automated protein processing. Importantly, we look forward to incorporating Frontmatec and making all employees owners in the combined business as the latest example of our participation in the shared ownership movement,” said Josh Weisenbeck and Brandon Brahm, Partners in KKR’s Industrials investment team.
The transaction is expected to close during the second half of 2022 subject to customary regulatory approvals. Further terms were not disclosed.
Nordea, Kirkland & Ellis and Moalem Weitemeyer served as advisors to Bettcher and KKR.
About Frontmatec
Headquartered in Kolding, Denmark, Frontmatec is a leader in end-to-end automated solutions for the red meat processing industry. Frontmatec serves more than 1,500 customers worldwide through its global manufacturing and service footprint, with key relationships with many of the largest red meat processors. Frontmatec was formed in 2016 through the consolidation of five automation platforms and employs over 1,300 people today. Visit Frontmatec at: https://www.frontmatec.com/en
About Bettcher Industries
Headquartered in Birmingham, Ohio, Bettcher is a leading developer and manufacturer of innovative equipment in the food processing and medical device industries, majority-owned by KKR. The Bettcher portfolio includes the following: Bettcher, a designer and manufacturer of handheld trimmers, tools, and cutting consumables for all protein applications; Cantrell-Gainco, a manufacturer of processing equipment and yield enhancement and yield tracking systems for various protein operations; ICB Greenline, an aftermarket replacement parts and services company focused on poultry processing; and, Exsurco Medical, a leading-edge medical device company that provides innovative products and services to transform surgical grafting, debridement, and recovery outcomes for patients with burn and trauma wounds. Visit Bettcher at: https://www.bettcher.com/en
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220524005699/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Copeland Enters into Exclusive Negotiations to Acquire Dickson, Advancing Cold Chain Leadership29.7.2026 14:00:00 CEST | Press release
Proposed acquisition will expand Copeland’s presence across the healthcare and life sciences cold chain, adding environmental monitoring, compliance expertise and cloud-based monitoring capabilities Copeland, a global leader in compression technologies and controls solutions, today announced its entry into exclusive negotiations towards the purchase of Dickson, a portfolio company of May River Capital and provider of environmental monitoring and cloud-native software solutions for regulated life sciences and healthcare applications. The proposed acquisition will strengthen Copeland’s strategy of enabling an efficient and effective cold chain, building on its existing stationary and in-transit monitoring capabilities to deliver an end-to-end solution that helps healthcare, pharmaceutical and life sciences customers safeguard product integrity, maintain compliance and reduce operational risk. Quality assurance and environmental monitoring represents a large and secularly growing market o
FlexGen’s HybridOS Energy Management System Receives ISO 9001:2015 Certification, Strengthening Its Platform to Serve International Markets29.7.2026 14:00:00 CEST | Press release
New certification builds on FlexGen’s existing compliance with safety and quality standards to support the safe integration and operation of BESS as FlexGen looks to grow its presence in European markets, including UK, France, Spain, Portugal, Germany, Poland, Finland, Sweden, and Ukraine.ISO 9001:2015 certifies the design, development, deployment, and remote software support of the HybridOS energy management system software platform.In addition to earning the ISO 9001:2015 for HybridOS, FlexGen’s platform is aligned with EU grid codes, international safety standards, and utility best practices to meet the highest standards of safety and security. FlexGen Power Systems, LLC. (“FlexGen”), a leading battery energy storage system and energy management software provider, today announced that its HybridOS energy management platform is ISO 9001:2015 certified. ISO 9001:2015 is an internationally recognized standard for quality management, meaning the systems and processes behind HybridOS, fr
Workiva Launches Specialized AI Agents and Intelligence Layer to Advance High-Stakes Reporting29.7.2026 14:00:00 CEST | Press release
Latest AI innovations will help enterprise teams orchestrate and accelerate reporting and compliance workflows Workiva Inc. (NYSE: WK), a leading, audit-ready platform for trust, transparency, and accountability, today announced three purpose-built AI agents and Workiva Knowledge, a persistent intelligence layer grounded in an organization's data, instructions, and content. The agents will help customers in advanced solution tiers accelerate reporting and compliance outcomes with the control and traceability of the Workiva platform. Together, these capabilities offer enterprise teams governed AI at the speed and scale their organizations require. "Finance, sustainability, risk, and compliance teams are moving from execution to orchestration as AI agents take on more of the work, and we're building the platform that makes that transformation possible," said Deepak Bharadwaj, Chief Product Officer of Workiva. "As we evolve the Workiva platform, we're staying true to what our customers ha
Wind Point Partners Announces Final Close of Oversubscribed Fund XI at $3.2 Billion29.7.2026 14:00:00 CEST | Press release
Wind Point Partners (“Wind Point”), a leading Chicago-based private equity firm, today announced the successful closing of its latest fund, Wind Point Partners XI (“Fund XI” or the “Fund”). Fund XI was oversubscribed and exceeded the hard cap, with total commitments of $3.2 billion. This amount includes significant commitments by the General Partner and members of the firm’s Executive Advisor Partner (“EAP”) program, providing strong alignment across all investors in the Fund. Fund XI represents Wind Point’s largest fund to date and its most global and diverse investor base in the firm’s 42-year history. Fund XI received commitments from more than 65 global institutions spanning 17 countries, including pension funds, insurance companies, asset managers, family offices and foundations. Propelled by significant repeat support from existing investors, the efficient fundraise process was completed in under nine months. Founded in 1984, Wind Point has a long history of partnering with top-c
Xpress Genomics Joins Parse Biosciences’ Certified Service Provider Network29.7.2026 14:00:00 CEST | Press release
Stockholm-based service provider adds Evercode to its single cell sequencing offerings Parse Biosciences, the leading provider of scalable and accessible single cell sequencing, and a QIAGEN company, today announced that Xpress Genomics has joined its Certified Service Provider (CSP) program, becoming the first in the Nordic region. The Stockholm-based company will offer Parse's Evercode single cell sequencing portfolio to researchers through its existing sequencing service pipeline. Originating out of the Karolinska Institutet in 2022, Xpress Genomics has built automated, in-house workflows for NGS projects. Joining the CSP program adds Evercode to the company's service offerings, giving its customers direct access to Parse's split-pool single cell technology. "Our customers expect fast, high-quality results," said Christoph Ziegenhain, CEO at Xpress Genomics. "Offering Evercode through our CSP membership gives them a strong option for single cell projects, backed by the same turnarou
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom