AeriTek acquires Continental Refrigerator and National Comfort Products
This marks AeriTek’s third North American acquisition in less than eight months.
AeriTek Global Holdings LLC announced the completion of the acquisition of the foodservice refrigeration and HVAC assets of National Refrigeration & Air Conditioning Products, Inc., operating under the Continental Refrigerator (“Continental”) and National Comfort Products (“NCP”) brands. The acquisition further expands AeriTek’s presence in the U.S. foodservice equipment market. This marks AeriTek’s third North American acquisition in less than eight months.
“Adding Continental Refrigerator and National Comfort Products is a defining step for AeriTek’s Value Creation Plan,” said Antony Besso, chief executive officer and executive chairman of AeriTek. “These are brands that dealers and end customers have relied on for over three decades. Their reputation for quality, extensive customization capabilities and a highly experienced management team make this combination an optimal fit for our platform.”
“This acquisition is exactly the type of transaction we envisioned when we first invested in AeriTek,” added Mark Paolano, partner at Mill Point Capital. “With Continental’s stainless steel kitchen equipment alongside the existing beverage merchandising and display capabilities, AeriTek now offers products that span the full foodservice environment, from front-of-house merchandising to back-of-house kitchen refrigeration and food processing products. That breadth is unique in our industry and gives customers a single partner for their full equipment needs.”
“Over the past year, AeriTek has completed three acquisitions that have fundamentally reshaped the business,” commented Sebastian Bustamante, principal at Mill Point Capital. “With multiple U.S. manufacturing facilities and deeply entrenched relationships across the largest dealers and buying groups in the foodservice channel, the Company has built meaningful domestic scale. AeriTek is now well-positioned to drive cross-selling, capture operational efficiencies and drive tangible growth across the portfolio.”
McDermott Will & Schulte LLP served as legal counsel to Mill Point Capital and AeriTek.
Woodward Park Partners, LLC served as financial advisor to National Refrigeration & Air Conditioning Products, Inc. Morgan, Lewis & Bockius LLP served as legal counsel.
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