Birch Hill Equity Partners has sold Carmanah Design and Manufacturing to Kadant
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Birch Hill Equity Partners has sold Carmanah Design and Manufacturing Inc. to Kadant Inc. (NYSE:KAI) for Canadian dollars (CAD) 54 million in cash, or approximately USD 52 million, subject to a post-closing adjustment.
Carmanah is a global leader in the design and manufacture of stranders and related equipment used in the production of oriented strand board (OSB), an engineered wood panel product used primarily in home construction. Carmanah also supplies debarking and wood chipping equipment used in both the forest products and the pulp and paper industries. Carmanah is based in Surrey, British Columbia, Canada, just outside of Vancouver.
Kadant Inc. is a supplier to the global pulp and paper industry. Kadant’s stock-preparation, fluid-handling and doctoring, cleaning and filtration products are designed to increase efficiency and improve quality in pulp and paper production. Kadant is based in Westford, Massachusetts, with revenues of $332 million in 2012 and 1,600 employees in 17 countries worldwide.
Michael Colwell, President of Carmanah Design and Manufacturing Inc., commented, “Lincoln did a great job guiding us through the transaction process. Lincoln developed a process that provided Carmanah with options and we ultimately choose the one that will help us best achieve our exciting growth objectives.”
Michael Mazan, Partner at Birch Hill Equity, added, “Lincoln utilized its global reach, industry knowledge and transaction expertise to help generate a successful outcome for the shareholders of Carmanah. They provided sound and timely guidance throughout the process.”
Lincoln International acted as the exclusive financial advisor to Birch Hill Equity Partners and Carmanah.
About Birch Hill Equity Partners
With $2.0 billion in capital under management, Birch Hill Equity Partners, located in Toronto, invests in leading Canadian middle market businesses. Birch Hill’s team has many years of experience working together as an active partner with top management teams in building long term value. Since 1994, Birch Hill has made more than 50 investments with 33 now fully realized.
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