BDO Capital Advises on Sale of Spiroflow
Boston, MA – April 26, 2022 – BDO Capital Advisors, LLC (BDO Capital) is pleased to announce the sale of Spiroflow (the Company) to May River Capital, a Chicago-based private equity firm focused on lower middle market industrial growth companies, as part of the creation of Automated Handling Solutions, a newly established platform offering highly engineered material handling equipment and automation solutions. BDO Capital served as exclusive financial advisor to Spiroflow on this transaction, which builds on the firm’s experience working with founder-owned companies in the material handling and industrial automation sectors. Patrick Bisceglia, Managing Director, and Valentina Midura, Senior Managing Director, were the lead bankers on the client engagement for BDO Capital.
Automated Handling Solutions was formed through the combination of two specialty conveying and material handling businesses: Spiroflow, a global manufacturer of material handling equipment and provider of control systems integration, and Cablevey Conveyors, a market leading manufacturer of patented tubular drag conveying systems for food and beverage and high value industrial applications. Together, the combined companies will offer a differentiated and comprehensive suite of material handling equipment and industrial automation solutions to marquee customers globally.
“We are thrilled to welcome Spiroflow and Cablevey to the May River portfolio. We see an extraordinary opportunity to invest and grow these market-leading brands under one platform. With these foundational assets, we expect to further accelerate the profitable growth both Spiroflow and Cablevey have seen during the past several years,” said May River Partner, Steve Griesemer. “The specialty conveying sector is a high growth segment serving attractive end markets. Under the new platform, Cablevey and Spiroflow are uniquely positioned to serve this growing demand and build upon their track records of delivering innovative solutions to global customers.”
Founded in 1971 by Michel Podevyn and based in Monroe, North Carolina, Spiroflow offers one of the most comprehensive lines of handling equipment and complementary automation solutions in the industry, including flexible screw conveyers, bulk material filling and discharging equipment and integrated control solutions. Spiroflow was a pioneer and early innovator in flexible screw conveying. During its history, the company has built a strong reputation as a provider of precision material handling equipment used in high value applications in markets such as food and beverage, pharmaceutical, nutraceutical and specialty chemical end markets.
Through the leadership of Podevyn and CEO and Co-Chairman Jeff Dudas, Spiroflow has achieved significant recent growth in both the US as well as the UK, where the business was founded and still has a key facility. With installations in more than 50 countries, the company’s technology is known for its safety, efficiency and reliability, serving some of the most demanding material handling applications.
“We’ve come a long way during the past 50 plus years, as we’ve built a company that has become an important and reliable partner to our customers,” said Podevyn. “We could not be more excited for the Spiroflow team to take the company to the next level through its new partnership with May River Capital.”
“With the additional financial and operational resources May River brings, we are excited to continue to invest in the business and drive growth. We believe this new partnership will further our track record of innovation and expansion that has served our customers, employees and the entire Monroe, North Carolina, and Clitheroe, UK communities well during the past several decades,” said Spiroflow CEO and Co-Chairman Jeff Dudas. Dudas will continue with Spiroflow as interim CEO, focusing on advancing growth-oriented initiatives through his deep network of customer and industry relationships.
“Spiroflow’s portfolio of conveying, storage, automation integration and system designs, combined with a North American and European presence, have positioned the company perfectly to catalyze this new platform’s growth,” said May River Executive Resource Group member Brad Sterner, who is acting CEO of Cablevey and will become Executive Chairman of AHS. “We will leverage May River’s ownership of both the Advanced Material Processing (AMP) process equipment platform and AHS to drive continued market share gains in our served global, high growth end markets of food, pharmaceutical, nutraceutical, chemical and general industrial sectors.”