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. Following four acquisitions in the first half of 2024, we believe Fortifi?s pipeline of potential targets remains active. Primarily due to these acquisitions, we think pro forma revenue will grow to about $700 million in 2024, an increase of over 50% from 2023 levels. We expect its organic revenues will grow
