Windjammer Capital Investors and has sold ROTEX to Hillenbrand
Lincoln International, a leading global mid-market investment bank, today announced that ROTEX Global, LLC has been sold to Hillenbrand, Inc. (NYSE: HI) for $240 million. ROTEX was a portfolio company of Windjammer Capital Investors, a private equity firm based in Boston, Massachusetts and Newport Beach, California.
Based in Cincinnati, Ohio, ROTEX is a leading manufacturer of dry material separation machines and replacement parts and accessories used in a broad range of domestic and international industries. ROTEX will become part of Hillenbrand’s Process Equipment Group. On a trailing 12-month basis (July 2010 through June 2011), ROTEX’s revenue was $90 million and earnings before interest, taxes, depreciation and amortization (EBITDA) was $24 million. Between 2006 and 2010, including the period following Windjammer’s acquisition of ROTEX in March 2007, ROTEX’s revenue had a compound annual growth rate of just over 10 percent and the company consistently improved its EBITDA margins.
Lincoln International acted as the exclusive financial advisor to ROTEX, working closely with ROTEX’s senior management team and Windjammer Capital Investors throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
Greg Bondick, a Managing Director in Windjammer’s Boston office, commented, “Through an aggressive, customized global marketing effort and a strong understanding of ROTEX’s industry and end markets, Lincoln created a competitive process resulting in attractive alternatives for the shareholders and a favorable strategic outcome. Lincoln’s strong industry expertise, execution excellence, advocacy and advice proved invaluable throughout the sale process.” Bill Herkamp, President and CEO of ROTEX, added, “Lincoln took the time to develop a deep understanding of our business and was able to convey our story. They provided straightforward, expert guidance to the management team through the entire sale process and provided us with multiple options, ultimately helping us find the right partner to allow our business to continue its strong growth.”
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