MARION, Iowa--(BUSINESS WIRE)--Private equity firm May River Capital completed acquisition of Marion Process Solutions (“Marion” or “the company”) on December 31, 2018.
Marion manufactures industrial mixers and blenders, as well as microwave vacuum drying systems, for customers in the food, nutraceutical, mineral, plastic, chemical and biomass industries. The company was founded in 1938 in Marion, Iowa, and operated as Marion Mixers before changing its name to better represent its range of custom-manufactured processing solutions.
Former company owners, Barry Boyer and Jim Hoke, owned and grew the business for more than 20 years before deciding to sell it to May River in order to position the company for enhanced growth. Marion will continue operations under its current name, and Marion’s CEO, Lee Eilers, will continue to head the leadership team.
“May River believes there is a terrific opportunity in front of Marion and we’re excited to partner with management and assist the company through its next phase of growth,” said Chip Grace, partner at May River Capital. “The former owners and the senior leadership team have built a very strong foundation at Marion through excellent customer service and innovative, market-leading products. We aim to build on this foundation by providing financial and strategic resources to the management team and employees to help accelerate the growth profile of the company.”
May River Capital is a Chicago-based private equity firm focused on investing in lower middle-market industrial growth companies. Marion represents the first acquisition by May River in its objective of forming a new global materials processing solutions and services platform.
“We’ve found the ideal partner in May River, who not only understands custom-engineered solutions, but also shares our passion for never sitting still,” said Lee Eilers, CEO of Marion Process Solutions. “As we remain dedicated to enhancing our mixing, blending and microwave technologies, we’re also serious about diversifying and expanding our capabilities to deliver best-in-class process solutions.”
Paul Hastings LLP served as legal counsel to May River, while Shuttleworth & Ingersoll, P.L.C. served as legal counsel to the company and its shareholders. Billow, Butler & Company, LLC acted as the exclusive financial advisor to the company and its shareholders.
May River Capital is a Chicago-based private equity firm focused on investing in lower middle-market industrial growth companies. May River invests in high-quality industrial growth businesses, including precision manufacturing, engineered products, specialized industrial services, and value-added industrial distribution businesses. For more information, visit mayrivercapital.com.
Founded in 1938, Marion Process Solutions is dedicated to delivering custom-manufactured processing solutions to companies in the food, nutraceutical, mineral, plastic, chemical and biomass industries. With process solutions in over 75 countries on 6 continents, serving hundreds of global Fortune 1000 companies, the Marion brand serves as the standard of excellence in the material handling industry. For more information, visit marionsolutions.com.