Micro Markets

Due North acquires refrigerated showcase maker MTL Cool

Image provided by Due North.

September 20, 2022

Due North, the newly created operating company of QBD and Minus Forty, has acquired MTL Cool, a provider of commercial refrigerated showcases, according to a press release.

Under Due North, MTL Cool will continue to offer inline horizontal open-air coolers, horizontal sliding glass lid coolers and freezers, vertical open-air coolers and endcap solutions.

Due North was formed in 2021 by Ronin Equity Partners, which simultaneously acquired and merged QBD and Minus Forty into a platform for consolidation in the North American refrigerated display case industry. The company supports customers in retail segments including beverage, ice cream, pet food, vending, grocery, foodservice, convenience, QSR, pharmacy and more.

"Combining our forces will lead to more opportunities for innovation and sharing of industry expertise and best practices, enriching our service offering and deepening customer relationships," Mark Bedard, president of MTL Cool, said in the press release.

MTL Cool revenues in fiscal 2022 were C$30 million ($22.5 million). The combined group has annual revenue of C$200 million ($150 million),

Retail refrigeration merchandising companies Minus Forty Technologies Corp. and QBD combined into one operating company, Due North, in August.