Open air commercial refrigerated showcases company, MTL COOL, has been acquired by Due North, the newly created operating company of QBD and Minus Forty.
According to the company announcement, the strategic acquisition allows Due North to further diversify and complement its multiple-product lineup and positions the company to serve an ever-changing retailer and food and beverage market. The unification of brands under Due North will solidify its evolution by offering a growing portfolio of innovative products and services to its customers.
Troy Shannan, CEO of Due North, said in the announcement, "With these three brands operating under Due North, our business is well-positioned with both high-quality merchandising products and services. We now have the product reach to become the preferred choice for food and beverage brands and retailers. Our recent announcement of the creation of Due North reinforces industry confidence in our long-term plan to deliver advanced refrigeration solutions that provide value to our customers. We are committed to using all our resources and status to boost both our brand and the sales of the industries we serve.”
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), with sales growing some 25% annually.
Under Due North, MTL COOL will continue to offer best-in-class products, which includes inline horizontal open-air coolers, horizontal sliding glass lid coolers and freezers, vertical open-air coolers and endcap solutions. Through the interconnected and collaborative Due North approach, retailers and food-centric brands will be able to create superior brand experiences that align with their retail strategies and are relevant to consumers. Due North customers are now poised to advance their competitive advantage and their merchandising of products. Due North’s expanded suite of display coolers is intended to maximize the sales of its customers while simplifying their refrigerated retail merchandising programs.
“With our team of highly experienced and passionate professionals, and a focus on the highest level of quality standards and product evolution, Due North companies have a demonstrated track record helping customers scale and grow their business,” Julian Attree, chief strategy officer and chief commercial officer of Due North, added in the announcement. “We are well-positioned to deliver on our promise of building long-term customer relationships as we help provide unforgettable retail brand experiences for consumers.”
Mark Bedard, president of MTL COOL, added in the announcement, “We are recognized as a leading manufacturer of customized refrigeration systems for the North American food and beverage retail industry, serving small businesses and large national brands. We’re excited to become part of a powerful combination of brands under Due North. 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.”
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 fragmented North American refrigerated display case industry. Due North supports customers in retail segments including beverage, ice cream, pet food, vending, grocery, food service, convenience, QSR, pharmacy and more.