KENNESAW, Ga.–(BUSINESS WIRE)–AeriTek Global Holdings LLC (“AeriTek”), a portfolio company of Mill Point Capital LLC (“Mill Point Capital”), announced today the acquisition of Federal Industries, LLC (“Federal”) in a carve-out transaction from Standex International Corporation (NYSE: SXI). Federal is a leading U.S.-based manufacturer of refrigerated, heated and ambient food and beverage merchandising display cases serving customers across a diverse set of foodservice end markets including convenience stores, schools, specialty retail and restaurants. The acquisition of Federal represents a significant milestone for AeriTek, deepening its footprint in the U.S. foodservice market and adding domestic manufacturing capabilities.
The addition of Federal strengthens AeriTek’s position in the high-growth U.S. foodservice channel, adding an expansive network of dealer relationships and a national go-to-market infrastructure. Federal’s vertically integrated manufacturing facility in Belleville, Wisconsin provides AeriTek with strategic U.S. production capacity. The combined platform will leverage an expanded product portfolio and enhanced distribution capabilities to serve a broader range of customers across foodservice, beverage, convenience and institutional channels.
“We are thrilled to welcome Federal into the AeriTek family,” said Antony Besso, Chief Executive Officer and Executive Chairman of AeriTek. “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.”
“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,” added Mark Paolano, Partner at Mill Point Capital. “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.”
“The combination of Federal’s established distributor network with AeriTek’s existing commercial infrastructure creates a compelling cross-selling opportunity across both platforms,” said Sebastian Bustamante, Principal at Mill Point Capital. “We view this acquisition as a catalyst for growth across North America.”
McDermott Will & Schulte LLP served as legal counsel to Mill Point Capital and AeriTek.
About AeriTek
Since its inception in 1941, AeriTek has been a trailblazer in the commercial refrigeration and foodservice equipment markets, doing business as Imbera, Torrey, QBD and Minus Forty. 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, GA. For more information, please visit https://aeritekna.com/.
About Federal Industries
Federal Industries provides merchandising solutions to retail and food service customers whose revenue stream is enhanced through food presentation. Federal Industries custom designs and manufactures refrigerated, heated and dry merchandising display cases for bakery, deli, confectionary and packaged food products utilized in restaurants, convenience stores, quick-service restaurants, supermarkets, drug stores and institutions such as hotels, hospitals, and school cafeterias. For more information, please visit https://federalind.com/.
About Mill Point Capital
Mill Point Capital LLC 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, NY. For more information, please visit www.millpoint.com.
About Standex International Corporation
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engineering Technologies, Scientific, Engraving and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India and China. For additional information, please visit the company’s website at http://standex.com/.
Contacts
Jiaeh Kim, [email protected], 212-416-5800
