This acquisition is a continuation of SPG’s strategic focus to further extend its global offering for the food end-markets. It will significantly strengthen European capabilities in the food processing and equipment sector, broaden our product offering in the Americas and provide opportunities for growth across the Asia Pacific region. We will build upon the knowledge, experience and customer relationships of the Baker Perkins team to support future growth, whilst remaining fully committed to existing facilities in Peterborough and Grand Rapids, Michigan.

Upon completion, the business will continue to be run by the existing managing directors as part of the SPG regional business structure.

The transaction is expected to close in Q4 2020.

Keith Cochrane, CEO of SPG, said:
I am delighted to see Baker Perkins join us. This is a long-established business with a reputation for excellent products and customer service, with a similar business model to our own. It will complement and extend our existing product offering to the food end-market, which is a key strategic focus, providing good opportunities for future growth, operating efficiency and further value creation for all stakeholders.

Mr Dan Bassett, MD Baker Perkins UK, commented:
We have been looking for a long-term partner prepared to invest in the company and continue its development for many years to come. We can relate to the SPG culture that encourages local autonomy and entrepreneurship, which fits well with our independent mind-set. Already we can see significant opportunities for growth, and I am excited at the prospect of working together.

Mr Dan Smith, MD Baker Perkins US, added:
Schenck Process already has a significant footprint in the US market, and we can see major opportunities in the combination of our expertise and product range.