New State Capital exits Central Conveyor

New State Capital Partners said June 18 that it sold Central Conveyor Company LLC for $140 million. The buyer was U. S. Tsubaki Holdings Inc, a subsidiary of Tsubakimoto Chain Co. Central Conveyor, of Wixom, Michigan, provides automotive and industrial conveyor systems, conveyor system integration, custom conveyor design and controls automation. Morgan, Lewis & Bockius LLP served as legal adviser, Lincoln International served as financial adviser, while Duff & Phelps provided sell-side due diligence services to New State Capital and Central Conveyor.