Right Lane Industries announced that it has signed an agreement to sell TerraSource Holdings LLC to Astec Industries for a purchase price of $245 million.
TerraSource is a provider of material handling equipment and related aftermarket parts and services for crushing and separating applications globally.
Right Lane acquired a 51 percent interest in TerraSource from Hillenbrand Inc. in October 2021, and worked to enhance the scale, profitability and competitiveness of the company. Right Lane combined an aligned management team with targeted operational improvements and transformative acquisitions to create an attractive global business with significant growth prospects, ultimately delivering exceptional value for all stakeholders involved.
"We are proud of what we achieved together at TerraSource," said Eric Mara, Right Lane's CEO. "This transaction showcases the strength of our entrepreneurial management style, operational playbook and partnership approach, particularly in complex carveout scenarios. We look forward to applying our model to similar opportunities in the future, creating significant value through close collaboration with our partners, counterparties, and management teams."
Kim Ryan, CEO of Hillenbrand Inc., said, "The partnership with Right Lane was the right choice for us and has positioned TerraSource very well for continued growth. We are confident that TerraSource will continue to flourish under Astec's ownership, and we wish them every success."
Kevin Hambrice, TerraSource CEO, said, "Congratulations to our exceptional colleagues at TerraSource, Right Lane and Hillenbrand for this successful collaboration. The transformation journey has been remarkable, and I'm confident our partnership with Astec will enable us to continue our extraordinary trajectory, further enhance our market leadership and deliver exceptional products and services to our customers."
The transaction is expected to close by July 1, 2025, following receipt of customary regulatory approvals and other normal closing conditions. Key Banc Capital Markets advised TerraSource on the transaction, and Taft served as legal counsel.
For more information, visit www.rightlaneindustries.com, https://terrasource.com/ and astecindustries.com.
