Ronin Equity Partners announced it has completed a GP-led secondary transaction involving a minority stake in AeriTek Global, pricing the deal at $3.11 per share. The transaction represents the second phase of a broader two-step strategy tied to Ronin’s prior sale of Due North to AeriTek, designed to deliver liquidity to existing investors while introducing new capital into the expanded business.
AeriTek, a manufacturer and distributor of refrigerated display cases across North and South America, was formed in 2024 through the carve-out of Imbera and Torrey from FEMSA. The company is majority owned by Mill Point Capital. Ronin originally built Due North in 2021 through the combination of QBD and Minus Forty, later selling the platform to AeriTek in September as part of a strategic consolidation.
The newly completed continuation vehicle enables new investors to participate in AeriTek’s growth while allowing prior investors to realize returns within a five-year window. Partners Capital, which manages more than $75 billion in assets, is among the investors backing the vehicle, alongside capital from the Ronin team itself.
Following the closing, AeriTek quickly executed an add-on acquisition of Federal Industries, a U.S.-based manufacturer of refrigerated, heated, and ambient display cases. The acquisition expands AeriTek’s presence in foodservice merchandising and strengthens its position across a fragmented global market.
Ronin emphasized that the two-stage structure allowed it to balance liquidity and continued upside exposure, while positioning AeriTek for further consolidation opportunities. The firm noted that demand for replacement units, parts, and services continues to provide recurring revenue streams, supporting attractive growth and margin potential.
Since launching in 2021, Ronin has deployed nearly $400 million across seven platform investments and 30 companies, including follow-on capital. The firm continues to pursue investments in industrial and consumer sectors, supported by an operational value creation strategy and a network of operating advisors.
KEY QUOTES
“It’s more complicated than the typical GP-led secondary deal, but with two stages we could immediately crystalize value for existing investors, in under five years, boosting time-weighted annualized returns while preserving a minority stake for new investors in a highly promising company.”
David Feierstein, Co-Founder And Managing Partner, Ronin Equity Partners
“As an expanded group, AeriTek has even greater growth prospects. It’s one of the top players in the Americas, with strong recurring demand from replacement, parts and services. It’s got an even more attractive growth, margin and cash profile, with a more diversified customer base, in what remains a still fragmented market with a lot of global mergers and acquisitions opportunities.”
Jesse Yao, Co-Founder And Managing Partner, Ronin Equity Partners
“Ronin’s out-of-the-box, two-step approach is a great example of the team’s flexibility engineering positive outcomes for buyers and sellers and getting deals done.”
Matt Swain, Co-Head Of Equity Capital Solutions, Houlihan Lokey
