Arctic Industries, a walk-in cooler and freezer manufacturer owned by Stoic Holdings, has acquired Duracold Refrigeration Manufacturing Company.
Duracold is a manufacturer of walk-in coolers and freezers. The company was founded in 1998 and is based near Los Angeles in Monrovia, CA (www.duracold.com).
Arctic Industries is a manufacturer of walk-in coolers used by restaurants, convenience stores, food distributors, country clubs, resorts, casinos, schools, hotels and the military. The company, led by its President David Grife, was founded in 1981 and is headquartered in Miami (www.arcticwalkins.com).
“Since its founding in 1998, Duracold has earned its reputation for superior product performance, a strong customer value proposition, and exceptional customer service by producing an outstanding product that cost-effectively serves its customers’ refrigeration needs,” said Mr. Grife. “We are excited to join forces with Duracold and take the combined company to the next level.”
The buy of Duracold by Arctic will immediately expand the company’s geographic reach to the western US. “By combining Arctic and Duracold, we are building a premier nationwide manufacturer of walk-in coolers and freezers,” said Ryan Berk, a Partner at Stoic Holdings. “We will continue to invest in new capabilities and talent at Arctic to better serve our growing base of customers.”
Stoic Holdings invests in North America-based companies that have from $1 million to $10 million of EBITDA. Sectors of interest include manufacturing and industrials; HVAC and cold storage products; niche distribution and logistics; business services; testing and inspection; agribusiness; environmental services; aerospace and defense; and healthcare services. Stoic was founded in 2014 by Ryan Berk and Michael Dworkis and is headquartered in Denver (www.stoicholdings.com).
Harold Monsher, the President of Duracold, will remain with the business post-closing to ensure a successful transition of the business to Arctic. “I founded Duracold to be the leader in foam-in-place manufacturing on the west coast,” said Mr. Monsher. “After many years of success, I am excited about Arctic’s ability to continue adding value to Duracold’s customers and employees.”
© 2018 Private Equity Professional | September 7, 2018