STOCKHOLM -- Swedish home appliance manufacturer Electrolux said it has acquired Grindmaster-Cecilware, a maker of hot, cold and frozen beverage dispensers, for $108 million cash.
Louisville, KY-based Grindmaster-Cecilware, majority owned by BNY Mezzanine Partners L.P., was created in 2009 following the merger of Grindmaster Corp. and Cecilware Corp. It sells products under the Grindmaster, Cecilware, Crathco and American Metal Ware brands, and had net sales in excess of $65 million in 2016.
Electrolux said the purchase would broaden the offering in its foodservice business. "This move will also reinforce our presence in North America, one of the largest global markets for professional appliances," said Alberto Zanata, head of Electrolux professional products.
Electrolux makes refrigerators, ovens, dishwashers, washing machines and small domestic appliances under brands including Electrolux, AEG, Zanussi and Frigidaire. It reported sales of $13.32 billion in 2016.