Kadant Inc. (NYSE:KAI) entered into an equity purchase agreement to acquire Syntron Material Handling, LLC and LLCP PCS Alternative Syntron, LLC (Syntron) from Levine Leichtman Capital Partners Private Capital Solutions, L.P., managed by Levine Leichtman Capital Partners and others for approximately $180 million on December 9, 2018. The deal value will be paid in cash and subject to certain customary adjustments. Kadant entered into a limited consent under its existing amended and restated credit agreement, as amended, certain of its subsidiaries, the several banks and other financial institutions and Citizens Bank, acted as administrative agent and as multicurrency administrative agent, pursuant to which the lenders agreed to limit the funding conditions set forth with respect to loans which may be made as requested by Kadant to fund a portion of the acquisition purchase price, provided that the acquisition is consummated and funded within 120 days of the date of execution of the limited consent. Syntron reported approximately $89 million in revenue in trailing twelve months ended October 31, 2018. The transaction is subject to customary closing adjustments including the expiration or termination of the applicable antitrust waiting period under the Hart- Scott Rodino Antitrust Improvements Act of 1976, as amended, and the consummation of restructuring transactions by the sellers. The sellers are subject to confidentiality and non-solicitation provisions. The transaction is not subject to financing condition. As of December 27, 2018, FTC granted the early termination notice. The acquisition is expected to close in January 2019. Houlihan Lokey acted as the exclusive financial advisor to Levine Leichtman Capital Partners and Syntron. Honigman Miller Schwartz and Cohn LLP acted as the legal advisor to Syntron. Kadant Inc. (NYSE:KAI) completed the acquisition of Syntron Material Handling, LLC and LLCP PCS Alternative Syntron, LLC (Syntron) from Levine Leichtman Capital Partners Private Capital Solutions, L.P., managed by Levine Leichtman Capital Partners and others on January 2, 2019. Under the transaction, a portion of the cash consideration of approximately $1.4 million has been deposited into an escrow fund to satisfy certain customary post-closing adjustments and indemnity obligations. On December 31, 2018, Kadant borrowed an aggregate amount of $180 million under its existing credit facility pursuant to the terms of the credit agreement to finance the transaction.