Monroe, NC — April 26, 2022 — May River Capital, a Chicago-based private equity firm focused on lower middle market industrial growth companies, announced that it has acquired Spiroflow, a global manufacturer of flexible screw, aero, cable and chain drag conveyor systems based in Monroe, North Carolina.
Spiroflow is also a market-leader in bulk conveying, bag filling and integrated control systems, with installations in more than 50 countries. The company’s technology is known for safe, efficient and reliable performance-engineered systems, serving some of the most demanding applications in the conveyance automation sector. Spiroflow will become part of May River’s new Automated Handling Solutions (AHS) Platform of companies (www.automatedhandlingsolutions.com), along with sister company Cablevey Conveyors, a 50-year leader in tubular drag cable conveying systems based in Oskaloosa, Iowa.
“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 Spiroflow founder and co-chairman Michel 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 now brings to the company, this gives us access to the investment capital we need to drive our growth plans. It assures that our future will continue to be defined by a record of innovation and expansion that will serve our customers, employees and the entire Monroe, North Carolina and Clitheroe, UK communities,” said Spiroflow CEOand co-chairman Jeff Dudas. Dudas will remain with Spiroflow as the interim CEO during the transition period.
“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 will continue as CEO of Cablevey and becomes Executive Chairman of the new AHS platform. “We will leverage May River’s ownership of both the Advanced Material Processing (AMP) process equipment platform and the new AHS specialty conveyance platform to drive continued market share gains in our served global, high growth end markets of food, pharmaceutical, chemical and general industrial sectors.”
“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.”
About May River Capital
May River Capital is a Chicago-based private equity firm focused on investing in lower middle-market, industrial growth companies. May River Capital invests in high-quality industrial growth businesses, including precision manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution services. For more information, please visit www.mayrivercapital.com.
Spiroflow is a global leader in the field of powder handling and dry solids processing and an emerging leader in control systems integration. Throughout the company’s 50-plus-year history, its design engineers and process automation teams have provided customers with the safest, most efficient, and most reliable conveying and handling solutions available. Learn more at www.spiroflow.com.
About Cablevey Conveyors
Cablevey Conveyors is a global specialty conveyor manufacturer that designs, engineers, assembles and services tubular drag cable and disc conveyor systems. With customers in more than 65 countries, the company specializes in moving materials for food/beverage and industrial powder processors that seek food-grade conveying performance with systems that are clean, fast, energy-efficient and cost-effective. Learn more at www.cablevey.com.