Chicago-based private equity firm May River Capital LLC, which targets lower-middle-market industrial growth companies, purchased Marion Process Solutions.
The deal, the terms of which were not made public, closed in December 2018. May River said the acquisition is its first toward its objective of forming a new global materials processing solutions and services platform.
Marion makes industrial mixers, blenders and microwave vacuum drying systems for the food, nutraceutical, mineral, plastic, chemical and biomass markets. The Marion, Iowa-based company will keep its trade name, and Marion CEO Lee Eilers will continue to lead the existing leadership team.
Paul Hastings LLP was legal counsel to May River. Shuttleworth & Ingersoll PLC was legal counsel to Marion and its shareholders, with Billow Butler & Co. LLC serving as their exclusive financial adviser.