ALI Group, a designer, manufacturer, marketer and servicer of commercial and institutional foodservice equipment, has reached an agreement to acquire Scotsman Industries, the largest commercial ice machine company in the world, from Warburg Pincus.
In May 2009, Warburg Pincus completed the $160 million acquisition of Scotsman Industries from The Manitowoc Company. The Manitowoc Company had acquired the global ice machine businesses comprising Scotsman Industries as part of its 2008 acquisition of Enodis but was subsequently required to divest the businesses to satisfy regulatory conditions of various jurisdictions related to the Enodis acquisition.
Scotsman Industries is the largest global manufacturer of commercial ice machines with related products including storage bins, ice and water dispensers, industrial ice machines, high-end residential ice machines, blast chillers and commercial refrigeration units. The company’s products are sold under two global brands, Scotsman and Ice-O-Matic, and a number of regional brands. Scotsman distributes its products in more than 100 countries to a range of end market customers that include quick-service and full-service restaurants, hotels and hospitality venues, health care facilities, food retailers and education, government and military facilities. The company has five manufacturing facilities, over 800 employees, 10 sales offices, 1,000-plus distributors, and more than 5,000 service technicians. Scotsman Industries is based in Vernon Hills, IL (www.scotsmanindustries.com).
“Chairman and Chief Executive Officer, David McCulloch, and the Scotsman management team have built a terrific business and we are proud to have been associated with them. We are pleased that they will be joining forces with the ALI Group, a world-class provider in the foodservice equipment industry, which will enable them to build on their success,” said Warburg Pincus’ Managing Director, David Barr.
Warburg Pincus has more than $30 billion in assets under management and has raised 13 private equity funds which have invested more than $40 billion in approximately 650 companies in 30 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).
The ALI Group designs, manufactures, markets and services a line of commercial and institutional foodservice equipment used by major restaurant and hotel chains, independent restaurants, hospitals, schools, airports, correctional institutions, and canteens. The Group employs over 7,000 people in 24 countries and has 48 manufacturing facilities in 14 countries and sales and service subsidiaries in Europe, North America, Russia, Japan, China, the Middle East, Australia and New Zealand. The ALI Group is headquartered in Milan, Italy (www.aligroup.it)
Brookwood Associates acted as financial advisors to the ALI Group. Alston & Bird acted as legal advisors for the ALI Group. Willkie Farr & Gallagher acted as legal advisors to Scotsman Industries.
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-7-12
