Micro Markets

Investment firm acquires Minus Forty, QBD to form refrigeration powerhouse

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September 8, 2021

Ronin Equity Partners, an investment firm, has acquired Minus Forty and QBD, Toronto area based manufacturers of commercial refrigeration equipment, for undisclosed sums, according to a press release.

The brands will continue to be marketed under their own names, but the merged group will be a platform for consolidation in the refrigerated display case industry, where 60% of the market is divided between over 100 family-owned businesses.

Minus Forty has developed product presentation coolers and freezers for the micro market and food industries.

QBD is a provider of beverage cooler and customized refrigerated displays that uses EPA-certified Energy Star products and environmentally friendly natural refrigerants.

"The expanded group will double manufacturing capacity, allow us to expand our unbeatable value proposition, and combines cutting-edge, complementary technologies to create a fantastic platform for buy-and-build acquisitions," Julian Attree, co-founder of Minus Forty, said in the press release.

One of Ronin's managing partners, Jesse Yao, will become chief financial officer, and two other Ronin executives will hold senior roles. The group's chief executive will be Ronin Operating Advisor Troy Shannan, who is joining from Nonni's Foods, where he was executive vice president in charge of supply chain and manufacturing.

Existing management and the acquired companies' founders will retain a stake in the new group.

The QBD and Minus Forty transaction has an enterprise value of $230 million.

Northleaf Capital Partners, Cherng Family Trust, Stephens Capital Partners, Nicola Wealth, Northwood Ventures, Knott Partners and Sope Creek Capital acted as co-investors in the transaction.