MARION, Iowa—Marion Process Solutions Inc., a manufacturer of industrial mixers, blenders and microwave vacuum drying systems for the food, nutraceutical, mineral, plastics, chemical and biomass industries, has been acquired by Chicago-based private equity firm May River Capital L.L.C.
The deal was completed Dec. 31. Terms were not disclosed.
The Marion-based company previously was owned by Barry Boyer and Jim Hoke, who grew the business for more than 20 years before selling it to May River, according to a Jan. 8 news release. Marion CEO Lee Eilers will continue to lead the business going forward.
"We've found the ideal partner in May River, who not only understands custom-engineered solutions, but also shares our passion for never sitting still," Eilers said in a statement. "As we remain dedicated to our mixing, blending and microwave technologies, we're also serious about diversifying and expanding our capabilities to deliver best-in-class process solutions."
Marion was founded in 1938 in Marion, operating under the name Marion Mixers. The name was later changed to Marion Process Solutions to better represent the company's range of custom-made materials processing equipment. Customers include composite wood deck maker Trex Co. Inc., chemical company Saudi Basic Industries Corp., and materials firm RTP Co., among others.
The company said the sale to May River can position it for more growth.
"May River believes there is a terrific opportunity in front of Marion, and we're excited to partner with management and assist the company through its next phase of growth," Chip Grace, a partner at May River, said in a statement.
"The former owners and the senior leadership team have built a very strong foundation at Marion through excellent customer service and innovative, market-leading products," Grace said. "We aim to build on this foundation by providing financial and strategic resources to the management team and employees to help accelerate the growth profile of the company."