Exclusive financial advisor to ITW

KPMG Corporate Finance LLC acted as exclusive financial advisor to ITW in its sale of Peerless Food Equipment to Hillenbrand

KPMG Corporate Finance is pleased to announce the sale of Peerless Food Equipment (“Peerless” or the “Company”), a business unit of ITW, to Hillenbrand.

Founded in 1907 and headquartered in Sidney, OH, Peerless is a premier supplier of industrial food processing equipment focused on bakery applications. The Company’s highly engineered solutions include mixers, sandwiching equipment, material handling equipment, and related aftermarket parts & services, each with distinctive features to address key customer challenges. Having served world-class bakery brands for 100+ years, Peerless has earned an industry-leading reputation for delivering quality equipment that maximizes uptime and ensures product consistency and safety, which is paramount in protecting customers’ brand value.

Peerless joins Hillenbrand’s Coperion Food, Health & Nutrition Division, along with other recently announced acquisitions, LINXIS Group and Gabler Engineering.

"The equipment and solutions offered by Peerless are highly complementary to those offered under our LINXIS Group brands," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. "With our significant scale in the food end market achieved by combining Peerless with our existing Coperion, LINXIS, and Gabler technologies, we can deliver more comprehensive solutions to our customers. Given our track record of successfully integrating acquisitions, we are confident in our ability to create shareholder value with Peerless as we deploy the Hillenbrand Operating Model and leverage our scalable foundation."

Kevin Buchler, President of Coperion’s Food, Health & Nutrition Division, added, “The acquisition of Peerless builds upon recent investments at Hillenbrand. Strategically, the premier industrial equipment and technologies Peerless provides to customers around the world, as well as their strong reputation in the industry, will be instrumental in even further expanding Coperion’s position in the food market,”

Eric Cruse, General Manager of Peerless Food Equipment, also commented on the transaction, saying, “We are confident Peerless will be an excellent fit within Coperion’s Food, Health & Nutrition Division, as we share the philosophy of engineering innovation and a deep commitment to customers. By leveraging our combined capabilities, we will be able to provide more comprehensive processing solutions, which will significantly enhance our value proposition to customers.”

KPMG Corporate Finance

The global Corporate Finance practice of KPMG International’s network of independent member firms was ranked #1 as the top M&A middle-market adviser globally by Refinitiv, based on number of completed transactions, for the past 20 years.

Trust KPMG Corporate Finance LLC with your next transaction.

Chrisanne Corbett

Chrisanne Corbett

Managing Director, KPMG Corporate Finance LLC

+1 773-951-9046


 
 
Corporate finance services, including Financing, Debt Advisory, and Valuation Services, are not performed by all KPMG member firms and are not offered by member firms in certain jurisdictions due to legal or regulatory constraints. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. 
 
The information contained in this communication may not be representative of the experience of other clients and does not constitute a recommendation, offer, or solicitation to buy, sell or hold any security of any issuer. Past performance does not guarantee future results.
 
©2023 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Corporate Finance LLC is not engaged in the practice of public accountancy. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.