Mason Wells Exits Structural Concepts

Mason Wells has closed its sale of Structural Concepts Corporation, a maker of refrigerated food and beverage display cases, to Hoshizaki USA Holdings, the U.S. holding company of Japan-based Hoshizaki Corporation, at an enterprise value of $430 million.

Structural Concepts is a designer and manufacturer of temperature-controlled food and beverage display cases used in national and regional grocery chains, convenience stores, corporate cafeterias, quick-service restaurants, universities, hospitals, and airports.

Structural Concepts’ product portfolio includes refrigerated and heated merchandisers used primarily in “grab-and-go” formats. Key products include the Oasis line of open-air merchandisers, Reveal enclosed display cases, and Innovate service counters, which are used by supermarkets, convenience stores, and foodservice operators to display and sell ready-to-eat meals, beverages, and perishable foods.

Structural Concepts’ units are self-contained—the cooling/heating systems are integrated into the case—reducing installation costs and enabling flexible placement within stores. The company’s equipment is typically used in front-of-house settings where display aesthetics, footprint, and energy efficiency are important for both branding and operational efficiency.

Structural Concepts, headquartered in Muskegon, Michigan, was founded in 1972 by Jim Doss and today is led by CEO and President Joe Mockus.

Mason Wells acquired Structural Concepts through its fourth fund, Mason Wells Buyout Fund IV LP, in October 2018 in partnership with members of the company’s senior management team and other co-investors. During its hold period, Mason Wells expanded Structural Concepts’ manufacturing capacity and implemented automation systems that improved manufacturing throughput and shortened product lead times.

“As the founder of Structural Concepts, it is a wonderful feeling to see the business flourish under new ownership,” said Mr. Doss. “When we decided to sell the company in 2018, there were numerous interested strategic acquirors, but Mason Wells offered a partnership solution that allowed my family to reinvest and track the remarkable developments implemented over time.”

“We are extremely proud of our efforts to continuously evolve and rapidly scale Structural Concepts,” said Jay Radtke, an executive managing director at Mason Wells. “We would like to thank Structural Concepts’ world-class management team and all the company’s outstanding employees for their contributions along the way.”

The foodservice equipment manufacturing industry is benefiting from the rising consumer preference for convenience-oriented, grab-and-go meals. According to Fortune Business Insights, the global foodservice equipment market is expected to grow at a CAGR of 5.6% through 2032, driven by demand for energy-efficient and space-saving appliances in supermarkets, restaurants, and institutional kitchens.

“Mason Wells injected the growth capital and resources required to take Structural Concepts to the next level,” said Mr. Mockus. “We are very excited to continue to grow and expand with Hoshizaki, a proven player in the foodservice equipment industry that will bring additional insights and valuable channel relationships.”

Publicly traded Hoshizaki Corporation (TSE: 6465.T) is a Japan-based manufacturer of commercial foodservice equipment, including ice machines, refrigerators, freezers, dishwashers, and beverage dispensers, that are used by restaurants, hotels, convenience stores, and institutional kitchens. In FY2024, Hoshizaki reported revenue of approximately $3 billion. The company’s North American operations are managed by Hoshizaki America with facilities in Georgia, Texas, and California, and a headquarters southwest of Atlanta in Peachtree City, Georgia.

“Management executed on a clear strategy to streamline operations and increase capacity for growth, supported by heavy investments in manufacturing capabilities, facility enhancements and automation,” said Dan Shanahan, a director at Mason Wells. “These throughput improvements enabled the sales and marketing team to win significant new business at best-in-class lead times and customer service levels. Structural Concepts is poised for growth, and we are thrilled to find a supportive partner in Hoshizaki.”

Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDA of at least $5 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. The firm was founded in 1998 and is based in Milwaukee. In June 2020, Mason Wells held a final closing of Mason Wells Buyout Fund V LP with total commitments of $767 million.

William Blair & Company was the financial advisor to Structural Concepts on this transaction.

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