JBT Corporation completes acquisition of Bevcorp

CHICAGO, September 1, 2022 /PRNewswire/ — JBT Corporation (NYSE: JBT)a global provider of technology solutions for high-value segments of the food and beverage industry, today announced that it has completed the previously announced acquisition of Bevcorp.

“We are delighted to announce that we have completed the acquisition of Bevcorp,” said Brian Deck, President and Chief Executive Officer. “The acquisition of Bevcorp expands JBT’s capabilities in the soft drink processing and packaging market, and brings a highly resilient business model with over 60% recurring revenue as well as a first-in-class service culture. order. The unique combination of Bevcorp and JBT enables significant cross-selling and future growth opportunities in food and beverages. »

Bevcorp Overview

Bevcorp is a leading supplier of equipment and aftermarket support to the beverage processing and packaging market in the United States. The company provides core technology solutions for mixing, handling, filling and sealing to a diverse range of customers, including blue chip companies. Bevcorp’s product offerings are used in high-value segments of the beverage market, including soft drinks, sodas, carbonated water, energy drinks and ready-to-drink alcoholic mixes. Additionally, the company’s unique process know-how and service culture provide a resilient mix of rebuilds, spares and services.

“By integrating Bevcorp into the JBT family of brands and leveraging our global sales and service network, we can expand Bevcorp’s growth opportunities beyond the United States,” added Deck. “In addition, JBT’s existing strength in non-carbonated beverages and food processing creates cross-selling synergies with Bevcorp.”

JBT acquired Bevcorp for an enterprise value of $290 million, subject to customary post-closing adjustments. The transaction was treated as an asset purchase, which provides a significant tax benefit with a net present value of approximately $35 million.

Advice from Bevcorp

The table below reflects Bevcorp specific guidance and relates to previous Company guidance. Bevcorp’s adjusted EBITDA margin and adjusted earnings per share for 2022 exclude the estimated impact of transaction costs, increased inventory and one-time integration costs. These costs are expected to be approximately $9 million. Bevcorp is not expected to have a material impact on the Company’s adjusted earnings per share in 2022.

M$ excluding earnings per share

September –

December 2022

Full year



$25 – $30

$85 – $90

Adjusted EBITDA margin

23 – 24%

23.5 – 24.5%

GAAP earnings per share (dilutive)


$0.06 – $0.10

Adjusted earnings per share


$0.08 – $0.12

Net JBT leverage ratio

JBT used its existing credit facility to finance the purchase price of Bevcorp. The company’s net leverage ratio in the third quarter of 2022 is expected to temporarily exceed its target of 2.0 to 3.0x, and JBT expects its net leverage ratio to be below 3.0x by the end of the year 2022.

JBT Corporation (NYSE: JBT) is a leading global provider of technology solutions for high-value segments of the food and beverage industry, with a focus on protein, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multinational and regional customers through its FoodTech segment. JBT also sells essential equipment and services to domestic and international air transport customers through its AeroTech segment. JBT Corporation employs approximately 7,000 people worldwide and operates sales, service, manufacturing and supply operations in more than 25 countries. For more information, visit www.jbtc.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are non-historical in nature and are subject to risks and uncertainties beyond JBT’s ability to control. Forward-looking statements include, among other things, statements relating to the expected impact of the COVID-19 pandemic on our business and results of operations, our plans to mitigate the impact of the pandemic, our strategic plans, our restructuring plans and expected costs, the savings realized from these plans, our liquidity and our compliance with debt covenants. Factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: the duration of the COVID-19 pandemic and the effects of the pandemic on our ability to operate our business and our facilities, on our customers, on our workforce resulting in increased workforce absenteeism, on our supply chains due to extended delivery times and unavailability of components and freight required, on our cost of labor due to higher labor turnover and shortage of skilled labor and on the economy generally; fluctuations in our financial results; unexpected delays or acceleration of our sales cycles; deterioration of economic conditions; disruptions to political, regulatory, economic and social conditions in the countries in which we operate; changes in trade regulations, quotas, duties or tariffs; risks associated with strategic acquisitions or investments; exchange rate fluctuations; increases in energy or commodity prices, transportation costs and inflationary pressures; changes in food consumption habits; impacts of pandemic diseases, food-borne illnesses and diseases on various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; our ability to comply with laws and regulations governing our contracts with the US government; acts of terrorism or war, including the recent conflict between Russia and Ukraine; the termination or loss of significant customer contracts and the risks associated with fixed price contracts, particularly in times of high inflation; customer research initiatives; competition and innovation in our industries; difficulty in executing our business strategies, including the timing of our previously announced review of strategic alternatives for the AeroTech platform, our ability to identify or develop strategic alternatives, execute the material aspects of those strategic alternatives and whether we can obtain the potential benefits of such strategic alternatives. our ability to develop and introduce new or improved products and services and keep pace with technological developments; difficulty developing, preserving and protecting our intellectual property or defending infringement claims; catastrophic loss at any of our facilities and business continuity of our information systems; cybersecurity risks such as network intrusions or ransomware systems; loss of key management and other personnel; potential liability arising from the installation or use of our systems; our ability to comply with US and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; availability of and access to financial and other resources; and other factors described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K filed by JBT with of the Securities and Exchange Commission and in any subsequent reports. filed Form 10-Q. Additionally, many of our risks and uncertainties are currently magnified by the COVID-19 pandemic and will continue to be. Given the very fluid nature of the COVID-19 pandemic, it is not possible to foresee all of these risks and uncertainties. JBT cautions shareholders and potential investors that actual results may differ materially from those indicated by forward-looking statements. JBT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Investors & Media: Kedric Meredith +1 312 861 6034

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SOURCEJBT Corporation

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