Using a GP-led continuation vehicle, Ronin intends to bring in new investors to hold a minority stake in the expanded group.

As part of its sale of refrigerated display group Minus Forty QBD Corp (doing business as Due North) to AeriTek Global Holdings LLC, Ronin Equity Partners intends to bring in new investors to hold an undisclosed minority stake in the expanded group through a General Partner-led continuation vehicle.

“This transaction brings together four of the most respected brands in the refrigeration industry, AeriTek’s Imbera and Torrey with Due North’s QBD and Minus Forty to create a diversified refrigerated display powerhouse,” says Ronin managing partner, David Feierstein. “Our planned continuation vehicle allows us to cash out investors at an attractive valuation four years after creating Due North, while offering investors an opportunity to be part of the strong return potential of this much expanded group.” “By partnering with AeriTek, we’re creating a scaled platform, in a highly fragmented sector, with higher margins and robust growth,” says Jesse Yao, Ronin’s other managing partner. In keeping with Ronin’s practice of parachuting executives into key roles at acquired companies, Yao served as chief financial officer at Due North for more than six months after its acquisition.

Ronin created Toronto-based Due North in 2021 through the simultaneous acquisitions of QBD and Minus Forty. The transaction was financed through Ronin’s balance sheet and co-investment from Northleaf Capital Partners, Stephens Capital Partners, Northwood Ventures and Sope Creek Capital, among others.

AeriTek was formed via a single corporate carve-out transaction in November 2024. Due North’s chief executive, Troy Shannan, previously an operating advisor to Ronin, and his management team are expected to play key roles at the combined company.

On a pro forma basis under Ronin’s ownership, Due North’s annual revenues increased significantly, benefitting from a combined sales force focused on cross selling, and expansion into new product offerings and new sectors. Linking with AeriTek will provide similar benefits and will create one of the largest North American manufacturers of self-contained retail refrigerated display cases. The expanded group will serve customers in retail segments including beverage, ice cream, pet food, vending, grocery, food service, convenience, fast food and pharmacy.

Katten Muchin Rosenman and McCarthy Tétrault acted as legal advisers to Ronin and Due North in the AeriTek transaction. Robert W. Baird served as exclusive financial advisor to Due North in connection with the transaction. Houlihan Lokey will act as adviser to Ronin as part of the GP-led continuation vehicle.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team can provide a wide variety of commercial and operational resources, including embedding staff into companies as interim senior executives to build robust back-offices and infrastructure capable of scaling businesses for growth and integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by managing partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by over 200 operating advisors in the consumer and industrials sectors. Since the first quarter of 2021, when it began investing, Ronin has completed several platform investments, comprising a total of 30 companies. www.roninequitypartners.com

About Due North

Due North is a leading manufacturer of commercial refrigeration units, offering a broad product portfolio including coolers, freezers and open-air "grab-and-go" cases under the QBD and Minus Forty brands. Due North serves high-growth end markets including Beverage, Foodservice, Pet and Micro-Market. https://duenorth.com/

About AeriTek

Since its inception in 1941, AeriTek has been a trailblazer in the commercial refrigeration and foodservice equipment markets doing business as Imbera and Torrey. AeriTek 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. https://aeritekglobal.com/

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