Wynnchurch Capital has sold Clyde Industries to Kadant Inc.

Clyde Industries

Headquartered in Atlanta, Georgia, Clyde Industries (Clyde) is a leading designer and manufacturer of sootblowers, a critical component within recovery, power and steam boilers that cleans residue and deposits from the boiler tubes and heat exchangers to prevent plugging during operation. In addition to equipment, the company provides comprehensive services and aftermarket support to maximize efficiency and reliability for its customers’ operations. While the Atlanta operation has focused on the pulp and paper industry since its foundation in 1990, the company has also become a market leader in power boiler, waste-to-energy and biomass applications. For additional information, please visit www.clyde-industries.com.

The Deal

Wynnchurch Capital (Wynnchurch) acquired the Clyde platform in a 2019 Lincoln-led transaction. During Wynnchurch’s ownership period, Clyde achieved significant growth through a combination of organic and inorganic initiatives, differentiated capabilities and product innovation, as well as a significant investment in personnel and company infrastructure. Following this success, Wynnchurch and Clyde trusted Lincoln International to help find a new partner to support the company’s continued growth strategy given its deep industry expertise, buyer relationships and process expertise.

The new partnership with Kadant Inc. (Kadant) will provide resources and support to further scale Clyde’s platform, strengthen its position globally and build upon its track record of superior service and operational excellence. Frank Hayes, Managing Partner at Wynnchurch, said, “We thank Lincoln for being our trusted advisor throughout the life of our investment in Clyde. They were there at the beginning, helping us think strategically about growth, and at the end, helping us find the right partner for the business. Lincoln’s insight, deep understanding of the parts and service business model and strong execution capabilities were instrumental in achieving a successful outcome for all parties involved.” Brent Beachy, CEO of Clyde, added, “We greatly appreciate the dedication and expertise that Lincoln brought to our team throughout the sale process and for connecting Clyde with an exceptional future partner. We are excited to embark on this next chapter with Kadant as we work to further strengthen Clyde’s position as an industry leader in boiler efficiency systems and technologies.”

Our Perspective

Adam Gifford, Lincoln International Managing Director who led the transaction, commented, “It was a privilege to work with Wynnchurch and the Clyde management team on this transaction. The Clyde team has built a robust installed base of high-quality products and solutions that drive recurring aftermarket revenue while continuing to drive new equipment demand through best-in-class technology and design. We are excited to see what the Clyde team will be able to do under the Kadant platform.”

Wynnchurch Capital

Wynnchurch Capital, headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $8.6 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For additional information, please visit: www.wynnchurch.com.

Kadant Inc.

Kadant Inc. is a global supplier of technologies and engineered systems that drive sustainable industrial processing. The company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 3,900 employees in 22 countries around the globe. For more information, please visit www.kadant.com.

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