Middle-market private equity firm D Cubed Group LLC has formed a new company with two purchases. The firm, based in New York, is adding Hill Phoenix’s walk-in business from Dover Corp. (NYSE: DOV) along with Kysor Panel Systems from the Manitowoc Co. (NYSE: MTW).
Both targets make parts, such as panels, for walk-in freezers and coolers that are used by retailers, convenience stores and other foodservice companies. The purchase price of Kysor Panel is $85 million, while the terms on the Hill Phoenix division were not disclosed.
“The walk-in industry has never had a singularly focused and independent company with the level of committed financial and human resources" that Kysor Panel has, says D Cubed managing director Glenn Kaufman. Executives from both targets are investing in the deal and will become part of the new management structure.
D Cubed is not the only buyer that has been acquiring foodservice equipment manufacturers. JBT Corp. (NYSE: JBT) is adding storage tank maker A&B Process Systems and Windjammer Capital Investors is buying commercial equipment repair parts distributor Heritage Food Service Group.
SunTrust Robinson Humphrey Inc. is advising Manitowoc.