Optima Cycles BV, a portfolio company of Bolster Investment Partners since 2021, has acquired Leeflang Poedercoating. The activities will continue under the name Optima Cycles Coating. With this step, Optima Cycles adds a crucial component to its e-bike and e-cargo bike production process, further enhancing its quality standards and flexibility.

Over the past years, Optima Cycles has established itself as a leading player in the market and is one of the largest cargo bike manufacturers in the world. The addition of an in-house powder coating line in the Netherlands allows the company to determine frame colors at a later stage in the production process, increasing flexibility and contributing to more efficient production.

Leeflang Poedercoating, based in Voorhout, is known for its specialized expertise and high-quality powder coating across various industries. Michiel Dreef, CEO of Optima Cycles: “We are very excited about the launch of Optima Cycles Coating and the integration of this team into our organization. The proven expertise of the team aligns perfectly with our vision of continuously delivering top-quality products to our customers, while also providing us with greater flexibility by bringing another key part of the production process in-house.”

• Investment to accelerate Milacron’s growth and strengthen its position as a global leader in highly engineered plastic processing solutions.
• Milacron’s comprehensive suite of equipment offerings and services enables the production of everyday products used across the construction, automotive, packaging, consumer goods, and medical sectors.
• Hillenbrand (NYSE: HI), Milacron’s current owner, will continue to remain a significant investor in the business.

BOSTON, Mass. and BATESVILLE, Ind. – February 5, 2025 – Bain Capital, a leading private investment firm, today announced a majority investment in the Milacron Injection Molding and Extrusion business (or the “Company”), a globally renowned provider of highly engineered plastic processing equipment and services. Bain Capital will partner with Milacron’s current owner, Hillenbrand, Inc. (NYSE: HI), who will remain a significant investor in the business to accelerate the Company’s continued growth. Bain Capital entered into a definitive agreement to purchase an ownership stake of approximately 51% of Milacron for $287 million, subject to customary closing adjustments. Hillenbrand will retain an ownership stake of approximately 49%.

Since 1968, Milacron has been a global provider of highly engineered plastic processing solutions including injection molding and extrusion equipment as well as aftermarket parts and services. Milacron has long been recognized as a market leader for its product and service expertise serving a variety of end-markets, including the construction, automotive, packaging, consumer goods, and medical industries. With the largest installed base of equipment in the U.S., Milacron serves as a complete lifecycle partner, leveraging its extensive support network to deliver comprehensive aftermarket parts and services solutions.

“Milacron is an iconic American manufacturing business with a 50-year legacy of driving innovation in plastics,” said Matt Evans, a Partner at Bain Capital Special Situations. “With manufacturers increasingly focused on supply-chain resilience and domestic production, we believe the U.S. is entering a manufacturing renaissance that will create significant opportunities for industry leaders like Milacron. With its advanced engineering capabilities, global reach, and deep customer relationships, Milacron is well-positioned to build on its strong foundation.”

“We are excited to partner with Mac Jones, the President of Milacron, and the entire Milacron team to support the next chapter of growth of one of the world’s premier plastics processing solutions businesses,” added Chris Sun, a Principal at Bain Capital Special Situations. “Milacron combines industry-leading engineering and manufacturing capabilities with innovative technology to enable the production of essential products used daily in the U.S. and around the world. We share a common vision with Milacron’s associates, customers, and other partners to continue building on Milacron’s more than 50-year legacy to create an even stronger future ahead.”

“Following an in-depth portfolio review, we determined that Milacron would be best positioned for the future through this partnership with Bain Capital,” said Kim Ryan, Hillenbrand President & CEO. “Bain Capital has a proven track record of successful corporate partnerships and will provide greater resources to Milacron, which we believe will drive future growth and success for Milacron’s associates and customers, as well as for Hillenbrand’s shareholders.”

Bain Capital’s Special Situations team is making this investment following the successful close of its second vintage of funds, which raised over $9 billion. Bain Capital Special Situations has $22 billion in assets under management and has invested more than $16 billion since its inception in 2018, providing bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. With a long track record of supporting industrial and manufacturing businesses globally, the team brings deep expertise in driving operational growth and long-term value creation.

The transaction is expected to close at the end of the Company’s fiscal second quarter or beginning of the fiscal third quarter. Deutsche Bank is serving as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Bain Capital.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries around the world. Its portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. The Company pursues excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders.

Forward Looking Statements

This press release contains forward-looking statements, including statements that are within the meaning of the Private Securities Litigation Reform Act of 1995 that are intended to be covered by the safe harbor provided thereunder, which reflect the current views of Bain Capital and Hillenbrand regarding future events, expectations, plans, and prospects for Milacron following the announced transaction. These statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements.

Forward-looking statements include, but are not limited to, statements regarding: the expected benefits of the transaction; Milacron’s future growth, market position, and business strategy; anticipated industry trends, including implications with respect to growing supply chain resilience and domestic manufacturing; and the expected timing of the transaction closing.

Any number of factors, many of which are beyond Hillenbrand and Bain Capital’s control, could cause Hillenbrand and Bain Capital’s performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the ability to recognize the benefits of any acquisition or divestiture, including the Milacron injection molding and extrusion business sale (the “Proposed Transaction”), including potential synergies and cost savings or the failure of Hillenbrand and Bain Capital or any acquired company, or the Proposed Transaction, to achieve its plans and objectives generally; any failure by the parties to satisfy any conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Hillenbrand’s common stock; and risks related to diversion of management’s attention from Hillenbrand’s ongoing business operations due to the Proposed Transaction. There can be no assurances that the Proposed Transaction will be consummated.

Readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions in Hillenbrand’s filings with the U.S. Securities and Exchange Commission.

The forward-looking information in this release speaks only as of the date on which it is made. Hillenbrand and Bain Capital undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, made to reflect new information, future developments or otherwise.

Partnership empowers Dhoot Transmission Group to drive continued innovation, expand global reach, and capitalize on high-growth segments

MUMBAI – January 16, 2024 – Dhoot Transmission Group (“Dhoot”), a leading manufacturer of automotive components, today announced a strategic growth investment from Bain Capital, a global private investment firm. Through an aligned partnership with Founder and CEO, Rahul Dhoot, Bain Capital will leverage its global automotive expertise and deep value-creation capabilities to support the company’s continued growth. Together, they aim to accelerate Dhoot Transmission Group’s leadership in high-demand segments, foster continued innovation, and support global expansion through strategic acquisitions and partnerships.

Founded in 1999, Dhoot Transmission Group is a global leader in Two-Wheeler and Three-Wheeler Wiring Harness. The company’s advanced Wiring Harnesses also power Heavy and Light Commercial Vehicles, Off-road Vehicles, and Farm Equipment in ICE and EV segments across the globe. Over the past 25 years, Dhoot Transmission Group has also diversified in Electronics Sensors & Controllers, Automotive Switches, Connection Systems and an array of EV products, including Charging Guns, Inlets, Off-Board Chargers, RCDs, High Voltage & Low Voltage Wiring Harness, and assembly of Li-Ion Batteries. This growth has been fueled by a strong focus on innovation, customer-centric approach, strategic acquisitions, and technology partnerships. Dhoot Transmission Group has also expanded internationally, employing over 10,000+ people across 20+ state-of-the-art manufacturing facilities in India, the UK, Slovakia, and Thailand.

“Our journey over the past two decades has been defined by a commitment to innovation, quality, and trust,” said Rahul Dhoot, Founder and CEO of Dhoot Transmission Group. “Partnering with Bain Capital is an exciting opportunity to accelerate this evolution. Their strategic expertise and integrity make them the perfect partner to help us scale globally and pursue emerging opportunities that deliver value to our customers worldwide.”

“Over the past two decades, Rahul has built Dhoot Transmission Group into a market leader, serving as a critical partner to OEMs powering India’s Two-wheeler market—the largest in the world with a strong growth trajectory. Dhoot’s entrepreneurial culture, customer focus, and investments in cutting-edge technology have also now positioned the company at the forefront of several high-growth segments. We are excited to partner with Rahul and the Dhoot Transmission team to build on their impressive growth journey and help drive expansion through M&A and technology partnerships,” said Rishi Mandawat, Partner at Bain Capital. “Their customer-first approach and strong employee engagement has helped the group to build a leading auto-component business and together, we see significant opportunities to expand both organically and inorganically, accelerate exports, and enhance their global footprint,” added Saahil Bhatia, Managing Director at Bain Capital.

Bain Capital’s investment was made through its Private Equity team, which has deep experience supporting the growth of founder-led companies and global industrial platforms. Since establishing its Mumbai office in 2008, Bain Capital has built one of the largest private equity teams in India, with notable investments including Hero MotoCorp, RSB Transmissions, Porus Labs, 360one Wealth, CitiusTech, J.M. Baxi, and Quest Global.

Terms of the private transaction, which is subject to regulatory approval, were not disclosed.

Alvarez and Marsal, AZB & Partners, ERM, ICICI Securities, Kearney, Kirkland and Ellis, KPMG and PwC served as advisors to Bain Capital

Singhi Advisors, Trilegal and Deloitte served as advisors to Dhoot Transmission Group

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Dhoot Transmission Group 
Dhoot Transmission Group is a distinguished group of companies under the ownership of Rahul Dhoot and family. As a rapidly expanding global automotive components enterprise, Dhoot Transmission Group excels in a broad spectrum of business pursuits, extending from the design to manufacturing of Wiring Harnesses and Components (including several EV Components) tailored for Two-wheelers, Three-wheelers, commercial vehicles, Off-road vehicles as well as Farm equipment.

Bolton, MA and Raaba, Austria — Headwall Group (“Headwall”), a global leader in high-performance spectral imaging solutions and optical components and a portfolio company of private equity firm Arsenal Capital Partners, is pleased to announce its acquisition of EVK DI Kerschhaggl GmbH (“EVK”), an Austria-based technology company specializing in industrial sensor-based sorting and inspection systems. This strategic acquisition marks a significant step forward in Headwall Group’s mission to enhance its portfolio and bolster its presence in the industrial machine vision market.

The integration of EVK into the Headwall Group is a natural extension of Headwall Group’s strategy to diversify its product offerings and deepen its capabilities in delivering comprehensive, high-value imaging solutions. EVK’s innovative hyperspectral technology and inductive sensor technologies as well as data analysis expertise align seamlessly with Headwall Group’s existing products and commitment to advancing hyperspectral imaging applications and AI-driven interpretation software in machine vision and remote sensing markets.

“We are thrilled to welcome EVK into the Headwall family,” said Mark Willingham, CEO of Headwall Group. “Their proven track record in sensor-based solutions and industrial inspection complements our vision of providing integrated, next-generation hyperspectral technologies at the speed and scale needed by the industry. This partnership will drive further innovation and accelerate our ability to meet the increasing demand for more advanced, application-focused imaging solutions.”

Matjaz Novak, CEO of EVK, stated, “Joining forces with Headwall presents a tremendous opportunity to combine our expertise and technologies. Together, we can offer our customers enhanced solutions and expand our reach in the industrial imaging market. We look forward to a collaborative future that leverages the strengths of both organizations.”

EVK’s cutting-edge technology, which spans a range of industries including food processing, plastics recycling, and material sorting, will empower Headwall Group to broaden its market reach and foster new growth opportunities in both machine vision and remote sensing applications.

About Headwall Group:

Headwall Group is a leader in designing and manufacturing hyperspectral imaging systems, optical components, and machine vision solutions. The company serves industries such as food processing, recycling, pharmaceuticals, and environmental monitoring, providing high-performance technology backed by proprietary software for data interpretation. With its headquarters in Bolton, MA, and a network of global subsidiaries, Headwall is dedicated to pushing the boundaries of imaging and AI-driven analytics. For more information, visit www.headwallphotonics.com.

About EVK:

EVK is a distinguished provider of sensor-based solutions for industrial applications. Based in Austria, EVK offers advanced sensor technology and data processing solutions that enable precise inspection and sorting in various industrial sectors. Their focus on robust, innovative technology has established them as a trusted partner in the industry. For more information, visit www.evk.biz.