Brown Gibbons Lang & Company (BGL) announced the sale of Arctic Industries and Store It Cold, a portfolio company of Stoic Holdings, to Kinzie Capital Partners LP, a private equity firm based in Chicago.
With locations in Miami, Florida, and Los Angeles, California, Arctic is a leading manufacturer and distributor of engineered walk-in coolers, freezers and insulating enclosures serving the foodservice, commercial, industrial, healthcare, hospitality, agriculture and home-use markets.
The company also owns the intellectual property of and sells CoolBot, an innovative technology solution for agriculture, hunting, floral and home-use walk-in refrigeration.
According to the announcement, the acquisition positions Arctic for substantial growth in a fragmented market with an opportunity to leverage its bi-coastal manufacturing capabilities to grow market share and expand relationships with leading national foodservice dealers and end users, in addition to adjacent product categories, including HVAC enclosures, environmental test chambers, and other cold storage solutions.
BGL’s industrials and engineered equipment team served as the exclusive financial advisor to Arctic Industries and Store It Cold in the transaction. The specific terms of the transaction were not disclosed.
