John Bean draws on existing facility to pay for Bevcorp acquisition

Chicago, Sept. 1 – John Bean Technologies Corp. announced that it utilized its existing credit facility for its acquisition of Bevcorp, according to a press release.

The acquisition had an enterprise value of $290 million.

The company's third-quarter 2022 net leverage ratio is expected to temporarily exceed its target of 2x to 3x, and John Bean expects that its net leverage ratio will be below 3x by year end 2022.

The transaction was treated as a purchase of assets, which provides a meaningful tax step-up benefit with a net present value of approximately $35 million.

John Bean is a Chicago-based technology services provider to high-value segments of the food processing and air transportation industries. Bevcorp is a provider of equipment and aftermarket support for the beverage processing and packaging market in the United States.

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