Sale to Duravant LLC

Industrial
Sale to Duravant LLC

Summary

Baird served as exclusive financial advisor to Key Technology, Inc. on this transaction

About

Key Technology, Inc. (“Key Technology” or the “Company”) (NASDAQ: KTEC) has been acquired by Duravant LLC (“Duravant”), a Warburg Pincus LLC (“Warburg Pincus”) portfolio company. Under the terms of the transaction, Duravant completed a tender offer to purchase all outstanding shares of Key Technology at $26.75 per share in cash representing a fully diluted equity value of $175 million.

Key Technology is a worldwide leader in advanced automation systems for food processing and other end markets. Key Technology’s portfolio includes highly intelligent optical inspection and digital sorting systems, vibratory conveying systems and process and preparation systems. The Company helps customers improve quality, increase yield and reduce cost through its processing knowledge and application expertise. Key Technology is headquartered in Walla Walla, Washington.

Duravant is a global automation and engineered equipment company with manufacturing, sales and service facilities throughout North America, Europe and Asia. Through its portfolio of operating companies and market-leading brands, Duravant delivers trusted end-to-end process solutions for customers and partners through engineering and integration expertise, project management and operational excellence. With worldwide sales distribution and service networks, Duravant provides immediate and lifetime aftermarket support to all the markets it serves across the food processing, packaging and material handling sectors. Duravant is headquartered in Downers Grove, Illinois.

Warburg Pincus is a leading global private equity firm focused on growth investing. Warburg Pincus has more than $44 billion in private equity assets under management. The firm’s active portfolio of more than 140 companies is highly diversified by stage, sector and geography. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore.
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Industrial
Sale to Duravant LLC
Date
March 2018
Company
Key Technology, Inc.
Transaction
M&A
Sectors
Industrial
Target Location
North America
Acquiror Location
North America

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