Frontmatec Is Acquired by Bettcher


Frontmatec, majority owned by Axcel, acquisition by Bettcher, a portfolio company of KKR


Frontmatec Group (“Frontmatec”), majority owned by Axcel, recently announced that it will be acquired by Bettcher Industries (“Bettcher”), a portfolio company of KKR, in a transaction that is expected to close in Q3 2022. The transaction is subject to various regulatory approvals and customary closing conditions. Terms of the transaction were not disclosed.

Baird served as the exclusive financial advisor to the selling shareholders on this transaction.


Frontmatec is a leader in end-to-end automated solutions for the red meat processing industry. Frontmatec serves more than 1,500 customers worldwide through its global manufacturing and service footprint, with key relationships with many of the largest red meat processors. Frontmatec was formed in 2016 through the consolidation of five automation platforms and employs over 1,300 people today. Frontmatec is headquartered in Kolding, Denmark.

Axcel is a leading Nordic private equity firm focusing on mid-market companies with a broad base of both Nordic and international investors. With its strong focus on Nordic companies in the industrial & business services, tech, consumer and healthcare sectors, Axcel creates success through a combination of its team’s network and experience paired with a systematic, growth-oriented value creation approach. Over the last 25 years, Axcel has raised six funds with cumulative capital commitments of EUR 2.8 billion. These funds have made 64 platform investments, with more than 150 add-on investments and 48 exits. Axcel is headquartered in Copenhagen, Denmark.

Bettcher is a leading developer and manufacturer of innovative equipment in the food processing and medical device industries. The Bettcher portfolio includes the following: Bettcher, a designer and manufacturer of handheld trimmers, tools, and cutting consumables for all protein applications; Cantrell-Gainco, a manufacturer of processing equipment and yield enhancement and yield tracking systems for various protein operations; ICB Greenline, an aftermarket replacement parts and services company focused on poultry processing; and, Exsurco Medical, a leading-edge medical device company that provides innovative products and services to transform surgical grafting, debridement, and recovery outcomes for patients with burn and trauma wounds. Bettcher is headquartered in Birmingham, Ohio.

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR is headquartered in New York, New York.

Frontmatec, majority owned by Axcel, acquisition by Bettcher, a portfolio company of KKR

May 2022
Frontmatec Group
M&A - Sellside
Test, Measurement & Automation
Target Geography
Acquiror Geography
North America