Kinzie Capital Partners has acquired Arctic Industries, a manufacturer and distributor of temperature control and cold storage systems.
Arctic’s walk-in coolers and freezers are used by chain restaurants, resorts, schools, government agencies, marine vessels, and healthcare facilities. The company also provides replacement parts including doors and door hardware, panel parts, thermometers, lights, gaskets, and heater wire.
The company’s consumer product line, managed by its Store It Cold group, features the patented CoolBot line of products which allow consumers and small businesses to use a standard window air conditioner to cool a room to 34 F. CoolBots work by overriding the built-in temperature sensors of an air conditioner, allowing it to reach lower temperatures typically required for storing perishable goods like produce, flowers, or vaccines without the need for expensive commercial equipment. CoolBot products are used by farmers, florists, hunters, brewers, restaurants, convenience stores, and mortuaries.
Miami-headquartered Arctic operates factories in Miami and near Los Angeles in Azusa, California. The company began manufacturing walk-in coolers and freezers in 1981 and today, according to the company, is one of the largest manufacturers of walk-in coolers and freezers in the United States with manufacturer`s representatives providing world-wide sales coverage.
“We are excited for the partnership with Kinzie Capital, which will allow us to leverage our strengths to drive further growth and continue to provide the best possible service for our customers,” said Brian Murphy, the CEO of Arctic. “We look forward to collaborating with the Kinzie team in Arctic’s next chapter.”
“Arctic plays a critical role in servicing essential aspects of the economy, from foodservice to industrial businesses,” said Suzanne Yoon, a managing partner of Kinzie Capital. “We look forward to utilizing our resources and expertise to support Arctic’s continued growth and longstanding commitment to customer satisfaction.”
Kinzie Capital invests up to $50 million of capital in US-based companies with revenues of up to $250 million and EBITDA of $3 million to $15 million. Sectors of interest include manufactured products, business services and consumer. The firm has a strategic alliance with Clarity Partners, a Chicago-based management and technology consulting firm.
Stoic Holdings, led by Ryan Berk and Michael Dworkis, is an operating focused private investment firm with offices in Denver and Washington DC.
Brown Gibbons Lang was the financial advisor to Stoic Holdings on the sale of Arctic Industries.
© 2024 Private Equity Professional | February 21, 2024
