Squarefield advises ICS Solutions on JBT transaction
JBT Corporation, an American company active in the food and airports business, has acquired the ‘ICS Solutions; business unit from Stork Food & Dairy Systems. The transaction, which is estimated to be worth around €26 million, was supported by Squarefield, a consulting firm based in The Netherlands.
Stork Food & Dairy Systems specializes in the design, engineering and manufacturing of processing and packaging machinery for the dairy, juice and food processing industries. Based in Amsterdam, The Netherlands, the manufacturer has local organisations in 7 countries, including the UK, France, Spain, Brazil and the USA. ICS Solutions, one of Stork’s business units, focuses on the engineering, installation and servicing of high-capacity food preservation equipment. ICS is located in Amsterdam and Gainesville (US) and is particularly known for its flagship product ‘Hydromatic’ – an in-container system used to sterilize a broad range of foods, beverages and dairy products.
JBT Corporation designs and manufactures systems and products for clients in the food processing sector (through JBT FoodTech) and air transportation sector (JBT AeroTech). The firm has approximately 3,300 employees worldwide in over 25 countries.
In line with JBT’s ambition to grow its market share across the globe, it was over the past months actively seeking an acquisition target. Following a positive due diligence on ICS Solutions, the Americans decided to acquire the firm for a sum of €26 million.
“We are very excited to add Hydromatic to JBT’s product portfolio of filler, seamer and in-container sterilization technologies,” says Steve Smith, President of JBT FoodTech. “With this acquisition, JBT will provide a complete range of high-capacity, in–container sterilization solutions to our customers in the growing global beverage, dairy and canning industries. In addition, we have identified and are acting on opportunities to improve operational effectiveness as well as enhance sales and service support for our customers through the combination of the businesses.”
Both parties were advised by several legal and financial advisors, including Squarefield, a boutique Dutch consulting firm that focuses on M&A in the food & agribusiness sectors. The team – which consisted of Edwin Nobels (dealcaptain), Maarten Snijders, Daan Delsing and Thom van der Linde – supported ICS with a suite of financial advisory services.
