Mill Point Capital Announces Carve-Out of FEMSA’s Commercial Refrigeration and Foodservice Equipment Businesses
17 Julio 2024 - 6:27PM
Business Wire
The Transaction Unites Imbera and Torrey Under
a New Platform, AeriTek Global LLC
An affiliate of Mill Point Capital LLC (“Mill Point Capital”), a
lower middle-market private equity firm focused on control-oriented
investments in the industrials, business services and IT services
sectors in North America, has entered into a definitive agreement
to acquire the commercial refrigeration and foodservice equipment
businesses of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:
FMX) (“FEMSA”), doing business as Imbera and Torrey (collectively
AeriTek Global LLC, “AeriTek” or the “Company”), in a single
corporate carve-out transaction. As part of the transaction, Imbera
and Torrey will unite to form the newly created AeriTek Global LLC,
a leading manufacturer, designer and distributor of commercial
refrigeration and foodservice equipment products.
With an operating history of over 80 years under the Imbera and
Torrey brands, AeriTek has an annual production capacity of over
one million refrigeration units, as well as 13 sales offices
globally. The Company is a trusted partner to global food &
beverage clients, offering innovative refrigeration solutions with
best-in-class quality and sustainability standards. Furthermore,
AeriTek offers a broad portfolio of foodservice processing
products, as well as an expansive suite of aftermarket
services.
Hernan Mendoza, Chief Executive Officer of AeriTek, commented,
“I am thrilled to enter AeriTek’s next phase of growth alongside
Mill Point. I am eager to work alongside their deep bench of
industry experts and resources to continue to drive a culture of
constant product innovation, operational excellence and profitable
growth.”
“AeriTek's commitment to superior product quality, innovative
sustainability practices and comprehensive aftermarket services
sets it apart in the industry,” said Mark Paolano, Partner at Mill
Point Capital. “We look forward to partnering with Hernan and the
outstanding team at AeriTek to drive further innovation and to
provide unwavering support for our customers worldwide.”
"We are proud to partner with AeriTek, a business with a rich
heritage of developing innovative products for its customers at the
point of sale. We believe the Company’s differentiated design and
manufacturing capabilities, including their in-house testing
laboratories, will position AeriTek for swift and effective
execution of our Value Creation Plan. By combining Hernan and his
team’s expertise with Mill Point’s resources, we believe that we
can unlock significant value,” added Antony Besso, Partner,
Operations of Mill Point and Executive Chairman of AeriTek.
This transaction is subject to regulatory approvals and other
customary conditions and is expected to close in the following
months.
About AeriTek Global
Since its inception in 1941, AeriTek has been a trailblazer in
the commercial refrigeration and foodservice equipment markets
doing business as Imbera and Torrey. The Company 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
www.imberacooling.com and www.tor-rey.com.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on
control investments in lower-middle market companies in North
America across the industrials, business services and IT services
sectors. Mill Point’s experienced team of investors and Executive
Partners seek 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 FEMSA
FEMSA (NYSE: FMX) is a company that creates economic and social
value through companies and institutions and strives to be the best
employer and neighbor to the communities in which it operates. It
participates in the retail industry through a Proximity Americas
Division operating OXXO, a small-format store chain, and other
related retail formats, and Proximity Europe which includes Valora,
a European retail unit which operates convenience and foodvenience
formats. In the retail industry it also participates though a
Health Division, which includes drugstores and related activities
and Digital@FEMSA, which includes Spin by OXXO and Spin Premia,
among other digital financial services initiatives. In the beverage
industry, it participates through Coca-Cola FEMSA, the largest
franchise bottler of Coca-Cola products in the world by volume.
Across its business units, FEMSA has more than 392,000 employees in
18 countries. FEMSA is a member of the Dow Jones Sustainability
MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican
Stock Exchange Sustainability Index: S&P/BMV Total México ESG,
among other indexes that evaluate its sustainability
performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717233225/en/
Jiaeh Kim, info@millpoint.com, 212-416-5800