Deal Details

Due North Is Acquired by AeriTek

Industrial

Due North, a portfolio company of Ronin, sale to AeriTek, a portfolio company of Mill Point

Summary

Minus Forty QBD Corp (d/b/a Due North), a portfolio company of Ronin Equity Partners (“Ronin”), has been acquired by AeriTek Global Holdings (“AeriTek”), a portfolio company of Mill Point Capital LLC (“Mill Point Capital” or “Mill Point”). Terms of the transaction have not been disclosed.

Baird served as exclusive financial advisor to Due North on this transaction.

About

Due North is a leading manufacturer of commercial refrigeration units, offering a broad product portfolio including coolers, freezers and open-air "grab-and-go" cases under the QBD and Minus Forty brands. Due North serves high-growth end markets including Beverage, Foodservice, Pet and Micro-Market. Due North is headquartered in Georgetown, Ontario, Canada.

Ronin is an investment firm powered by an operationally-focused value creation strategy. Ronin makes equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The firm was founded in 2019 and is supported by over 200 operating advisors in the consumer and industrials sectors. Ronin is headquartered in New York, New York.

Since its inception in 1941, AeriTek has been a trailblazer in the commercial refrigeration and foodservice equipment markets doing business as Imbera and Torrey. AeriTek offers an expansive portfolio of highly customized products, setting itself apart through relentless product innovation and delivering best-in-class quality. Additionally, AeriTek is an industry leader in sustainability standards and aftermarket services. AeriTek is headquartered in Kennesaw, Georgia.

Mill Point Capital is a private equity firm focused on control investments in lower-middle market companies across the Business Services, Industrials and IT Services sectors throughout North America. Mill Point’s experienced team of investment professionals, Executive Partners and Functional Experts seeks portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, New York.

Industrial

Due North, a portfolio company of Ronin, sale to AeriTek, a portfolio company of Mill Point