AeriTek Global Holdings, a portfolio company of Mill Point Capital, has acquired Federal Industries in a carve-out transaction from Standex International Corporation, strengthening its presence in the United States foodservice equipment market and adding domestic manufacturing capabilities.
Federal Industries manufactures refrigerated, heated, and ambient food and beverage merchandising display cases used across a variety of foodservice environments, including convenience stores, schools, specialty retailers, and restaurants. The acquisition expands AeriTek’s reach across the high-growth U.S. foodservice sector while providing the company with additional production capacity through Federal’s vertically integrated manufacturing facility in Belleville, Wisconsin.
The combined organization will integrate Federal’s established dealer relationships and national distribution infrastructure with AeriTek’s existing commercial platform. Executives say the combination will allow the company to broaden its product portfolio and improve distribution across foodservice, beverage, convenience, and institutional markets.
AeriTek operates several refrigeration and foodservice equipment brands, including Imbera, Torrey, QBD and Minus Forty. With the addition of Federal’s merchandising display solutions, the company aims to provide a more comprehensive range of refrigeration and foodservice products to customers across North America.
Mill Point Capital said the transaction aligns with its strategy of expanding AeriTek’s position in the U.S. market while creating cross-selling opportunities across both companies’ customer bases.
Federal Industries specializes in custom-designed refrigerated, heated, and dry merchandising display cases for bakery, deli, confectionery, and packaged food products, used in restaurants, quick-service restaurants, supermarkets, drug stores, hotels, hospitals, and school cafeterias.
Support: McDermott Will & Schulte served as legal counsel to Mill Point Capital and AeriTek in the transaction.
KEY QUOTES:
“We are thrilled to welcome Federal into the AeriTek family. Federal’s deep relationships with U.S. foodservice dealers and distributors, combined with its vertically integrated manufacturing facility in Wisconsin, give us both the commercial reach and domestic production capacity we need to accelerate growth in the U.S. market. This acquisition is a natural extension of our platform and we look forward to building on this momentum.”
Antony Besso, Chief Executive Officer And Executive Chairman, AeriTek
“This transaction delivers on a core pillar of our Value Creation Plan for AeriTek by meaningfully expanding our position in the U.S. foodservice market. Furthermore, Federal’s product portfolio is highly complementary to AeriTek’s existing offerings – combining the two platforms creates a comprehensive suite of refrigeration and foodservice solutions for customers across a wide range of end markets. We are excited to work alongside management to realize the full potential of the combined business.”
Mark Paolano, Partner, Mill Point Capital
“The combination of Federal’s established distributor network with AeriTek’s existing commercial infrastructure creates a compelling cross-selling opportunity across both platforms. We view this acquisition as a catalyst for growth across North America.”
Sebastian Bustamante, Principal, Mill Point Capital
