Overview Key strengths Key risks Leading positions in a variety of automation processing applications for the niche protein processing markets. Smaller scale and scope of operations than similarly rated capital goods peers. Good geographic diversity and sizable aftermarket installed base support operating stability. Relatively low product and end-market diversity. Operates in markets that have positive long-term secular trends, especially in developing nations. Aggressive financial policy and elevated leverage metrics. Bettcher closed its acquisition of Frontmatec in the fourth quarter of 2022, which we expect will double its revenue base in 2023. While we expect the company to increase its organic revenue by the low- to mid-single digit percent area, softer macroeconomic conditions could modestly reduce its demand in the first
