JBT Corporation Completes Bevcorp Acquisition

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

“We are excited to announce that we completed the acquisition of Bevcorp,” said Brian Deck, President and Chief Executive Officer. “The acquisition of Bevcorp expands JBT’s capabilities in the carbonated beverage processing and packaging market, and it brings a highly resilient business model with more than 60 percent recurring revenue along with a best-in-class service culture. The unique combination of Bevcorp and JBT allows for meaningful cross selling and future growth opportunities in both food and beverage.”

Bevcorp Overview

Bevcorp is a leading provider of equipment and aftermarket support for the beverage processing and packaging market in the United States. The business provides core technology solutions in blending, handling, filling, and closing to a range of diverse customers, including blue chip companies. Bevcorp’s product offerings are used in high-value segments of the beverage market, including carbonated soft drinks, seltzers, carbonated water, energy drinks, and ready-to-drink alcoholic blends. Additionally, the business’ unique process know-how and service culture provide a resilient mix of rebuilds, aftermarket parts, 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. “Additionally, JBT’s existing strength in non-carbonated beverage 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 a purchase of assets, which provides a meaningful tax step-up benefit with a net present value of approximately $35 million.

Bevcorp Guidance

The table below reflects guidance specific to Bevcorp and is relative to the Company’s prior guidance. 2022 Bevcorp adjusted EBITDA margin and adjusted earnings per share exclude the estimated impact of transaction costs, inventory step-up, and non-recurring integration costs. These costs are expected to be approximately $9 million. Bevcorp is not expected to have a meaningful impact on the Company’s adjusted earnings per share in 2022.


$ millions except earnings per share           September –

December 2022

Full Year


Revenue $25 – $30 $85 – $90
Adjusted EBITDA margin 23 – 24% 23.5 – 24.5%
GAAP earnings per share (dilutive) ~($0.20) $0.06 – $0.10
Adjusted earnings per share ~$0.00 $0.08 – $0.12


JBT Net Leverage Ratio

JBT utilized its existing credit facility to fund the purchase price of Bevcorp. The Company’s third quarter 2022 net leverage ratio is expected to temporarily exceed its target of 2.0 – 3.0x, and JBT expects that its net leverage ratio will be below 3.0x by year end 2022.

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

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