Ronin Finances the Acquisition of Woodmaxx for its Market Leading Outdoor Equipment Company, Rebranding the Merged Group Engenuity

March 20, 2024: Engenuity Outdoor Equipment Acquires Woodmaxx

Operationally-focused buyout group Ronin Equity Partners has funded through a $25 million term-loan facility the purchase of Woodmaxx by the market-leading outdoor equipment company, DK2. The transaction adds annually $20 million in Woodmaxx revenues and some $5 million in synergies. As part of the deal, DK2 (formed 20 months ago through Ronin’s purchase and simultaneous merger of three companies) is being renamed Engenuity Outdoor Equipment. Ronin set up the term loan facility for the purchase of Woodmaxx when Engenuity was formed from the merger of DK2, Snowbear - both based in Ontario, Canada - and Mount Airy, Georgia-based Currahee Trailers.

Since its founding in 2010, Akron, New York-based Woodmaxx has built a loyal customer base attracted by quality engineering and a value-for-money ethos. “This latest transaction creates an extraordinarily diversified outdoor equipment business in sales channels and product offerings,” says Ronin Partner and Engenuity Chief Financial Officer, Tiffany Bell. “We’ll expand Woodmaxx’s reach into traditional retail channels and dealers, while bringing its engineering and product development expertise to DK2,” says Kurt Schie, President and founder of Woodmaxx. “Combined, we’ll deliver more value to customers and build an even broader range of innovative products.” Schie and fellow Woodmaxx owners are reinvesting a substantial portion of their proceeds from the sale into a double-digit minority stake in Engenuity.

Woodmaxx expands DK2’s offering, centered on products with embedded engines, by adding power take-off equipment – more robust machinery highly appealing to professionals - powered by a connected energy source, typically tractors or skid steers. The acquired company’s products, currently sold through online and phone-based direct-to-consumer channels, will also be offered through DK2’s retail network (and visa-versa for DK2 equipment). Woodmaxx products and its substantial domestic manufacturing diversify Engenuity’s supply chain, reducing dependence on outsourced manufacturers, while adding procurement cost synergies.

“This is a match made in heaven,” says Doug Robinson, Chairman and CEO of Engenuity, and former President of International Operations & Development at Lowe’s Companies. “With the team at Woodmaxx, we’re getting some of the industry’s best talent in product engineering, domestic manufacturing capabilities, and customer service.”

The combined group is expected to achieve long-term revenues in excess of $100 million, including cross-selling opportunities and synergies. Engenuity is a leading North American outdoor equipment player, selling a wide range of woodchippers, snowplows, winches, auto accessories and trailers. Its core customers are individual landowners taking on do-it-yourself projects (known as “prosumers”) and small to medium-sized professional landscapers, ranchers and farmers.

Since 2021, when it began investing, Ronin has deployed over $350 million, including reserves for follow-on investment. This covers five platform investments, comprising 23 companies. Ronin and Engenuity management have identified more than 35 complementary outdoor equipment businesses and expect further acquisitions.

Katten Muchin Rosenman acted as legal advisors on Woodmaxx; buyside M&A advisors were Harvey & Company; and debt was provided by a syndicate led by RBC, HSBC, National Bank of Canada and Desjardin.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 150 operating advisors in the consumer and industrials sectors.

Heartisan, a Leading Manufacturer & Online Purveyor of Specialty & Flavored Cheese, Buys North Country Packaging in Transformative PE Deal

September 8, 2023: Heartisan Acquires North Country Packaging

Barron, Wisconsin-headquarterd Heartisan Foods, a leading manufacturer and the largest online U.S. seller of specialty & flavored cheese, is buying North Country Packaging, also based in Barron County. The transformative deal will triple Heartisan’s manufacturing capacity, support the fast-growing Cheese Brothers online brand with expanded fulfilment capabilities, and allow Heartisan to launch new, innovative products across cheese spreads and cheese curds - both of which help support Heartisan’s growth in the fast-growing cheese snack category. North Country’s co-founders, Kendall Goossen (taking a senior executive role at Heartisan) and his wife Maria will retain a significant stake in the combined entity.

“We’ve known the Goossens and their colleagues at North Country for years and we share the exact same vision,” says Gene Graf, CEO of Heartisan. “The added capacity comes at just the right time, given that we’re currently running our production facilities at full steam. With 32 different North Country cheese spreads and cheese curds to choose from, Heartisan’s customers now have a different flavor to enjoy every day of any month.” North Country’s innovative products range from tomato & sweet basil curds to habanero ghost pepper spreads. “This deal is the perfect way to accelerate growth, speed up innovation, and expand cutting-edge products at both companies,” says Goossen.

To finance the purchase of North Country, Ronin is using a $10 million revolving credit line established for Heartisan when the latter was formed in 2021. Ronin created Heartisan through the simultaneous acquisition and merger of flavored & smoked cheese specialists Red Apple Cheese, Barron County Cheese, and the direct-to-consumer eCommerce business Cheese Brothers. That original transaction was financed by institutional investors and family offices including Landon Capital, Cardinal Equity and First Haven Capital.

In addition to online sales, Heartisan’s flavored and smoked cheese is distributed across the U.S. through more than 12,000 retail outlets. “Expanding capacity and driving innovation in new flavors and product categories shows our retail and consumer partners how committed we are to supporting their needs and driving growth” says Ronin partner Tiffany Bell, a Heartisan board member. “The expanded capacity will enhance our margins and give us better control of the supply chain, fulfilment, and quality.”

Heartisan, with yearly revenues of more than $50 million, has seen sales and profits rise 30 percent annually since its creation. As is typical in Ronin investments, Bell was seconded to Heartisan as CFO at the time of the group’s creation, setting up the infrastructure, systems and processes that have enabled the management team to drive Heartisan’s exceptional growth.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior investment and operating expertise. The group invests in market leaders with highly defensible market positions, strong demonstrated cash flows, and in situations where Ronin’s operating playbook can add value through enhanced systems, processes, and talent recruitment. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 75 operating advisors in the consumer and industrials sectors.

Through the Simultaneous Merger of Six Companies, Ronin Helps Create the Only End-to-End Provider of Craft Brewery & Beverage Equipment in North America

April 20, 2023: Ronin Equity Partners Announces Lotus Beverage Alliance

Operationally-focused buyout group, Ronin Equity Partners, has created Lotus Beverage Alliance through the simultaneous merger of six companies. The new group has 75 years of combined experience with locations in Lincoln, Nebraska, Ypsilanti, Michigan, Denver, Colorado, Portland, Oregon, and Hopewell Junction, New York. Lotus is a partnership of Alpha Brewing Operations, GW Kent, Twin Monkeys, Stout Tanks and Kettles, Brewmation and Automated Extractions.

Lotus’ more than 1,500 products and services - some patented and many customized - cover canning systems, automation and control systems, turn-key brewhouse construction, packaging, thermal processes, tanks and sanitation equipment. With a recurring spare parts business across all product lines, Lotus is the only company in North America to cover every step of craft brewery and beverage production, from raw ingredient supply to canning and other forms of packaging. In another first, Lotus has introduced a proprietary financing program that offers customers affordable financing options for all the company’s product lines. To provide, clients with maximum flexibility, credit approvals typically take less than 24 hours.

Ronin owns the majority of Lotus, and together, the six companies have a combined value of $100 million. Founders and management hold a significant double-digit ownership percentage, and Ronin has implemented an equity incentive program throughout the organization, extending to even the most junior employees. Research has shown that broad-based employee ownership programs improve worker retention, reduce income disparity, and result in higher margins, as well as improved growth and operating efficiencies across various aspects of a business. Ronin collaborated with Ownership Works in this employee ownership program’s creation.

“As the industry’s only one-stop shop, Lotus has everything that craft beverage creators need to produce the products they love, for the people who love them,” says John Ansbro, Lotus’ newly appointed CEO. “Our ownership structure makes us even more responsive to clients.”

Ansbro, an industry veteran with over 30 years of experience in equipment manufacturing (holding senior executive positions at Alfa Laval, Johnson Controls and the GEA Group) will be joined by Ronin Managing Partner and co-founder Jesse Yao, who will embed as Lotus’ CFO. Ronin Vice-President Jack Burke and Associate Elliott Rogasik are also taking senior executive positions. The board includes six Ronin operating advisors with experience running global operations at some of the world’s largest (or most celebrated) beer, food and beverage manufacturers, including SABMiller, AB InBev, Harpoon Brewery, KraftHeinz, Naked Juice and Ocean Spray).

“We are thrilled at the prospect of uniting a fragmented craft beverage supply landscape through a remarkable alliance of industry partners.” says Yao. “By embedding Ronin executives in the back office, our corporate partners can concentrate more fully on expanding their product range and increasing sales.” Managers and founders from the six merged companies form the bulk of senior management at Lotus.

On a combined basis, sales for the merged group rose 29 percent over three years to $65 million in 2022 while earnings before interest, tax, depreciation and amortization increased 39 percent. Rapidly growing international sales in Europe and Asia where high-quality, smaller-batch craft beer production is just taking off, accounts for some 7 percent of combined group sales, increasing from virtually nothing in 2019.

Beyond the purchase price, Ronin has reserved nearly $35 million in pre-arranged financing to fund acquisitions for Lotus in the Americas, Europe and Asia. Ronin and Lotus have identified more than 50 potential acquisitions and are in active discussions with nine of those companies.

In addition to craft beer, Lotus’ products and services are equally suited to other fast growing beverage markets including kombucha, cold brew coffee, hard seltzer, ready-to-drink cocktails, premium wines and ciders, and cannabis-infused drinks. These products currently account for some 26 percent of sales.

The six acquisitions forming Lotus were financed using Ronin’s balance sheet, with investments from a range of limited partners, including Nicola Wealth and Fiera Comox.

Since the first quarter of 2021, when it began investing, Ronin has deployed over $350 million including reserves for follow-on portfolio investment. The capital was committed to five platform investments, comprising a total of 21 companies. Since deal close - i.e. within two years - annualized earnings before interest, taxes, depreciation and amortization at Ronin’s first four platform companies have risen 30 percent to $104 million, while annualized revenues are up 23 percent to $484 million.

Triago Americas Inc., acted as sole placement agent on all of Ronin’s platform investments, including the Lotus transaction. Katten Muchin Rosenman acted as Ronin’s legal advisor on Lotus; buyside M&A advisors were KeyBanc and Harvey & Company. Debt was provided by Webster Bank as Lead Left Bookrunner & Administrative Agent and by Texas Capital Bank, BHI and Stifel Bank as Joint Lead Arrangers.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 75 operating advisors in the consumer and industrials sectors. www.roninequitypartners.com

Successful Manufacturer of Refrigerated Merchandisers MTL COOL, Joins Forces with Due North Brands

September 19, 2022: Due North Announces Acquisition of MTL Cool

Well-known open air commercial refrigerated showcases company, MTL COOL, has been acquired by Due North (DueNorth.com), the newly created operating company of QBD and Minus Forty. This strategic acquisition allows Due North to further diversify and complement its multiple-product lineup. It also positions the company to serve an ever-changing retailer and food and beverage market. The unification of brands under Due North will solidify their evolution by offering a growing portfolio of innovative products and services to their customers.

"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 (see press release) reinforces industry confidence in our long-term plan to deliver advanced refrigeration solutions that provide value to our customers,” said Troy Shannan, CEO of Due North. “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 percent 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 & 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,” says Julian Attree, Chief Strategy Officer and Chief Commercial Officer of Due North. “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.”

“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,” says Mark Bedard, President of MTL COOL. “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 supports customers in retail segments including beverage, ice cream, pet food, vending, grocery, food service, convenience, QSR, pharmacy and more.

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. Some 60 percent of the industry is divided between over one hundred family-owned businesses. Due North is the #2 player in the North American refrigerated display market by sales and is looking at multiple acquisitions in the U.S., Europe and Latin America.

Ronin Equity Partners Creates a Diversified Platform in Outdoor Power Equipment and Utility Trailers with Three Simultaneous Acquisitions

July 11, 2022: Ronin Announces Investment in DK2, Currahee Trailers, and SnowBear

Ronin Equity Partners announces the creation, through three simultaneous acquisitions, of the leading North American diversified manufacturer of small- to medium-scale outdoor power equipment and utility trailers. The three merging firms focus on homeowners with more than five acres of land and on small-scale landscapers, ranchers, and farmers. Two of the businesses, DK2 and SnowBear, are based in Ontario, Canada and the third business, Currahee Trailers, is headquartered in Mount Airy, Georgia. The combined company will have over 50 years of operating experience. DK2 pioneered the combination of online ordering (via close partnerships with major home improvement chains like Home Depot and Lowe’s) with door-step delivery of previously difficult-to-package outdoor power equipment and utility trailers.

Operating under the DK2 corporate name, the merged group is the #1 or #2 North American player across more than 250 products in outdoor power equipment and utility trailers. Among the products are a wide selection of woodchippers, snowplows, winches, and utility trailers. The owners and senior management teams of all three companies have retained a significant stake in the merged group and remain actively involved in company management.

“These three firms are helping to create a new category of high-end consumers and small-scale professional users for outdoor power equipment and utility trailers. We see significant growth in this prosumer demand for years to come,” says David Feierstein, Managing Partner of Ronin. “We’ll combine the best of the companies’ manufacturing and delivery models, extend those capabilities to complementary equipment categories, and finance organic expansion and acquisition,” says Ronin Partner Tiffany Bell, who joins DK2 as Chief Financial Officer.

Although the purchase price is undisclosed, on a merged basis the group registers annual revenues in excess of $60 million and shows average annual sales growth over the past five years of 40-plus percent. Ronin has reserved more than $25 million to fund highly synergistic acquisitions for DK2 and is currently in discussions with several targets. More than 35 complementary businesses have been identified.

“This is more than just an investment,” says Steve Malizia, founder and CEO of DK2. “Ronin is bringing us back-office resources and scaling experience, while reinforcing operating muscle so that we can exceed our base potential as a combined group.” At the merged DK2, Malizia will serve as CEO, alongside new Chairman Doug Robinson, one of more than 30 Ronin Operating Advisors – a group that helps source transactions and advises on tactics and strategy. Over a 30-year career, Robinson served as CEO of multiple home improvement, appliance, and building materials companies. A former President of International Operations and Development for Lowe’s Companies - the world’s second largest home improvement company and a major distributor of DK2 products - Robinson headed the group’s e-commerce initiative, helping to build Lowe’s into a strong omni-channel retailer.

Joining Malizia and Robinson on the new DK2 board are four other Ronin Operating Advisors: Jim Core, formerly President of the Professional Division at Home Depot, the world’s largest home improvement company and a major DK2 distributor; Tory Upham, previously General Manager at Dakine, an outdoor equipment company; Gabriel Arreaga, Chief Supply Chain Officer at supermarket giant, Kroger; and Mark Traylor, formerly President of the AMES Companies, one of the largest players in non-powered lawn and garden tools.

The acquisition of the three companies was financed using Ronin’s balance sheet, with investments from a range of limited partners, including Stephens Capital Partners, Northwood Ventures, Knott Partners, and Cardinal Equity.

Ronin and its investors have deployed, or reserved for follow-on portfolio investment, in excess of $350 million. The capital was committed to four platform investments, comprising a total of 14 companies. Apart from DK2, Ronin’s three other buy-and-build platforms cover commercial refrigeration, the specialty cheese industry, and wastewater purification and filtration.

Triago Americas, Inc., acted as the sole placement agent on all of Ronin’s platform investments, including the DK2 transaction. Katten Muchin Rosenman LLP and McCarthy Tetrault LLP acted as Ronin’s legal advisors on its latest platform investment; buyside M&A advisors were Harvey & Company and Robert W. Baird. Debt was provided by Royal Bank of Canada as Lead Left Bookrunner & Administrative Agent; by HSBC and by National Bank of Canada as Joint Lead Arrangers; Desjardin acted as a debt Participant.

Komline-Sanderson Acquires Fluid Quip, Inc., Expands Product Offerings in Food and Renewable Energy Markets

January 6, 2022: Komline-Sanderson Acquires Fluid Quip

Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, announced today the acquisition of Fluid Quip, Inc., a manufacturer of capital equipment for the corn wet-milling and ethanol industries. The transaction closed on December 30, 2021.

Corn wet-milling, a process that uses water and specialized equipment to physically separate corn into proteins, starches, oil, and fiber, is a core market for Komline, and the acquisition of Fluid Quip substantially broadens its product offering in the space. Fluid Quip’s equipment is also used by Fluid Quip Technologies in the retrofitting of ethanol facilities to produce ultra-high-protein products used as animal feed. Fluid Quip Technologies is a separate company and not part of the transaction.

The acquisition was Komline’s fifth during 2021. Previously in the year, it acquired Illinois-based Barnes International, a manufacturer of coolant filtration equipment; Florida-based Harn R/O Systems, a producer of reverse osmosis, nanofiltration, and low-pressure membrane treatment systems; South Carolina-based Haselden Company, Inc., an engineering design and installation business of waste-reduction systems serving the food and beverage industry; and Tennessee-based AquaShield, Inc., a manufacturer of products for stormwater runoff, rainwater harvesting, and construction site discharges.

“Komline and Fluid Quip have partnered for nearly 20 years on a variety of projects and joint ventures for our customers in the corn wet-milling industry, making the business combination a very natural next chapter,” said Fluid Quip CEO Andy Franko. “Becoming part of Komline means we have even more products, engineering capabilities, and solutions to offer, while providing the same great service on which we built our reputation.”

Fluid Quip was founded in 1987 as a repair and field service company serving the pulp and paper and corn wet-milling industries. The company’s product expertise soon led it to begin innovating new features to improve equipment performance, and in 1991, it began to design and sell its own capital equipment and replacement parts. The company continues to maintain a full-service repair shop as part of its solution-oriented service to customers around the world.

“We are proud of the progress Komline made in 2021, as we significantly broadened our product offering, production capacity, and field service capabilities over the course of the year,” said Komline’s Chief Executive Officer, Danai Brooks. “With Fluid Quip, we now have nine manufacturing facilities in the United States and a new partnership with a talented team in Ohio. Because of the special relationship Komline and Fluid Quip have built over the years, I am particularly enthusiastic about the opportunities this acquisition will create.”

Komline-Sanderson Acquires AquaShield to Offer Stormwater Products

October 12, 2021: Komline-Sanderson Acquires AquaShield

Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, announced today the acquisition of AquaShield, Inc., a manufacturer of products for stormwater runoff, rainwater harvesting, and construction site discharges. The acquisition is Komline’s fourth this year, as the company continues to significantly expand its product and service offerings, manufacturing capacity, and geographic reach.

Founded in 1946 and headquartered in Peapack, New Jersey, Komline manufactures and services liquid and gas filtration and pollution control solutions for a diverse group of customers around the world. Komline recently acquired Illinois-based Barnes International, a manufacturer of coolant filtration equipment, Florida-based Harn R/O Systems, a producer of reverse osmosis, nanofiltration, and low-pressure membrane treatment systems, and South Carolina-based Haselden Company, Inc., an engineering design and installation business of waste-reduction systems serving the food and beverage industry.

“As with our other acquisitions this year, bringing AquaShield into our business means that we have even more capabilities and services to offer our corporate and municipal customers,” said Komline’s Chief Executive Officer, Danai Brooks. “AquaShield’s products protect our waterways from pollutants often transported by stormwater. We believe offering stormwater solutions will allow us to create high-quality usable water for our communities in new, innovative ways.”

AquaShield, founded in 1999 in Chattanooga, Tennessee, designs and manufactures integrated product solutions to meet the growing need for filtration and pollutant removal from stormwater runoff. The company’s products meet or exceed water quality standards in virtually all states and municipalities, including the New Jersey Department of Environmental Protection’s Certification Program and Washington State Department of Ecology’s Technology Assessment Program (TAPE).

“The advantages that we are able to offer our customers – custom applications, proven performance and functionality, and exceptional service, among others – are what set us apart in the stormwater community,” said AquaShield founder Kelly Williamson. "We are pleased to know that as part of Komline we can continue to expand delivery of our innovative stormwater solutions."

Ronin Equity Partners Consolidates Refrigerated Display Market with Simultaneous Acquisitions of QBD and Minus Forty

September 7, 2021: Ronin Announces Investment in QBD and Minus Forty.

Ronin Equity Partners has acquired two leading North American manufacturers of commercial refrigeration equipment, QBD and Minus Forty, both located in Canada’s Greater Toronto area. In partnership with Ronin, the merged group is looking at multiple acquisitions in the U.S., Europe and Latin America. The combined company will be the #2 player in the North American refrigerated display market. The brands will continue to be marketed under their own names, but the merged group will be a platform for consolidation in the fragmented refrigerated display case industry, where 60 percent of the market is divided between over one hundred family-owned businesses.

In addition to being the industry’s largest provider of pet food coolers, Minus Forty has developed superior product presentation coolers and freezers for the micro market and food industries that are enhanced by industry-leading smart technology (i.e. the “internet of things”). QBD is a leader in beverage cooler sales and high concept, cost-efficient, and customized refrigerated displays. QBD uses state-of-the art EPA-certified Energy Star products and environmentally friendly natural refrigerants.

“This deal expands our reach into new sectors, it widens the use of our green cooling deck design, and allows us to leverage Minus Forty’s internet of things technology to reinforce our position in the beverage sector,” says Safder Jaffer, President of QBD. “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,” says Julian Attree, Co-Founder of Minus Forty.

Both Attree and Jaffer will be actively involved in the combined business. 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. Prior to that he ran Global Operations and Supply Chain at Kraft Heinz. Existing management and the acquired companies’ founders will retain a significant stake in the new group.

“The Minus Forty and QBD teams will create a powerhouse in commercial refrigeration, with technologies and expertise that will usher in an era of energy efficiency, high concept design and innovation in a sector that’s growing six percent annually,” says Ronin Chief Investment Officer Ike Helene. “We are going to create a foundation of continued consolidation in a fragmented sector that rewards scale with higher margins and better than average growth,” says Ronin Managing Partner David Feierstein. “The team we’re assembling will leverage the full breadth of Ronin’s capabilities in integration, operational excellence and commercial expertise.” The merged group is looking at multiple acquisitions in the U.S., Europe and Latin America.

The QBD and Minus Forty transaction – sourced on a proprietary basis through Ronin’s network of operating advisors – has an enterprise value of $230 million. The double-digit top and bottom-line growth of QBD and Minus Forty should be significantly enhanced by raw material purchasing synergies, a combined sales force, organic expansion into new sectors and future acquisitions. 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. Measured by sales, the combined company will be the number two player in the North American refrigerated display market.

With the simultaneous purchases, Ronin has invested or reserved for follow-on portfolio investment some $300 million. This includes all the capital raised for its inaugural fund plus all co-investments.

Triago Americas, Inc., acted as sole placement agent for Ronin Fund I. “Ronin stands out from the crowd with an intense focus on operations and simultaneous industry rollups that reduce risk and increase returns,” says Matt Swain, a partner at Triago.

For the QBD and Minus Forty purchases, Katten Muchin Rosenman LLP and Bennett Jones LLP acted as legal advisors. Buyside advisors were Cleive Dumas and William Strenglis of M&A Advisory Services, and Rabobank. The transaction was supported with financing provided by J.P. Morgan as Lead Left & Administrative Agent; HSBC, TD Bank, Fifth Third Bank, Rabobank, and CIBC as Joint Lead Arrangers; and BHI and Stifel Bank as Participants.

Ronin Equity Partners Acquires Three Market Leaders in Specialty Cheese

June 7, 2021: Ronin Announces Investment in Red Apple Cheese, Barron County Cheese, and Cheese Brothers

Ronin Equity Partners is pleased to announce the acquisitions of Red Apple Cheese, a market leader in smoked, flavored, and kosher specialty cheeses, Barron County Cheese, a major smoker and co-packer for the specialty cheese industry, and Cheese Brothers, an innovative eCommerce specialty cheese business.

The combined company will be an omni-channel and vertically integrated market leader in smoked, flavored, and kosher cheese, as well as an independent brand consolidator in a fragmented U.S. premium cheese and charcuterie market.

“We’re creating a powerful combination of ambitious companies, steeped in family-owned Wisconsin and New England traditions, and Ronin, which has the operational and market expertise in the cheese and consumer packaged goods space to turbocharge growth,” says Gene Graf, co-founder of Cheese Brothers and Barron County Cheese. Graf will lead operations for the new company - yet to be named. Cheese Brothers’ other co-founder, Eric Ludy, will lead marketing and eCommerce alongside one of Ronin’s partners, Tiffany Bell, who will step in as CFO. The group will be led by David Toy, who is joining as CEO from his previous role as Chief Commercial Officer of Sauer Brands and Kraft Heinz, where he led the Foodservice business.

Existing management and the acquired companies’ founders will retain a significant stake in the new group. “We’re incredibly excited about this partnership and felt the investment was perfect for us,” says Ronin Managing Partner David Feierstein. “We want to enable motivated, passionate founders and executives in fragmented industries, using our financial muscle and operational expertise to execute accelerated roll-ups.”

Ronin has completed two of an expected four platform deals as part of their inaugural fund, which closed on commitments of some $300 million in March from family offices including Landon Capital, Cardinal Equity, and First Haven Capital. Triago acted as the sole placement agent for Ronin Fund I. For the cheese industry transaction, Katten Muchin Rosenman LLP acted as sole legal advisor and XMS Capital as sole buyside advisor.

Komline-Sanderson Acquires Haselden to Expand Food & Beverage Industry Offerings and Reverse Osmosis Platform

April 13, 2021: Komline-Sanderson Acquires Haselden Company

Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, announced today the acquisition of Haselden Company, Inc., an engineering design and installation business of waste-reduction systems serving the food and beverage industry. The acquisition is Komline’s third in recent weeks, as the company significantly expands its product and service offerings, manufacturing capacity, and geographic reach.

Founded in 1946 and headquartered in Peapack, New Jersey, Komline manufactures and services liquid and gas filtration and pollution control solutions for a diverse group of customers around the world, including industrial processing plants in end markets such as chemical manufacturing, food processing, and pharmaceuticals. Komline recently acquired Illinois-based Barnes International, a manufacturer of coolant filtration equipment, and Florida-based Harn R/O Systems, a producer of reverse osmosis, nanofiltration, and low-pressure membrane treatment systems.

“We are pleased to complete another important step in this multi-faceted expansion of our business,” said Komline’s Chief Executive Officer, Danai Brooks. “Haselden has unparalleled expertise in design, fabrication, and installation of sanitation and waste-reduction equipment for beverage manufacturing plants. It also has a well-earned reputation for on-time, accurate, and cost-efficient project delivery, and we are proud to continue that legacy with both long-time and new customers.”

Haselden, founded in 1972 in Charleston, South Carolina, offers turnkey solutions to help its customers navigate the ever-changing safety regulations and certification requirements in the food and beverage manufacturing industry. The company designs, manufactures, and distributes a full line of processing equipment, including fittings, valves, strainers, and product recovery systems, and it emphasizes reliable and consistent operation.

“We make it our business to know our customers’ plants, processes, and personnel,” said Keith Haselden. “That means we can complete projects with minimal interruption and maximum efficiency – and that’s why so many of our customers have been with us for decades. As part of Komline, we will be able to provide that same top-tier service to many more customers while offering our existing customers even more products and services.”

Komline-Sanderson Acquires Harn R/O Systems to Establish Reverse Osmosis Platform

April 1, 2021: Komline-Sanderson Acquires Harn R/O Systems

Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, announced today the acquisition of Harn R/O Systems, Inc. The acquisition will expand Komline’s product offerings by adding reverse osmosis, nanofiltration, and low-pressure membrane treatment systems that are designed to meet specific customer needs.

“At Komline, our focus is on providing the highest-quality products and service to our customers,” said Danai Brooks, Komline’s Chief Executive Officer. “Adding Harn’s unique membrane treatment capabilities to our existing range of filtration and environmental control solutions gives our customers more options and an even higher level of expertise in water treatment services. Harn will continue providing its exemplary systems and service from its Florida headquarters under its current leadership.”

Founded in 1946 and headquartered in Peapack, New Jersey, Komline manufactures and services liquid and gas filtration and pollution control solutions for a diverse group of customers around the world, including municipal wastewater treatment facilities, waste-to-energy utilities, and industrial processing plants. Its acquisition of Harn is one of several the company has planned to expand its product and service offerings, manufacturing capacity, and geographic reach. Komline recently acquired Illinois-based Barnes International, a manufacturer of coolant filtration equipment.

“Our investment in Komline positions the company to be acquisitive in an increasingly critical industry,” said David Feierstein, Ronin co-founder and managing partner. “We are excited about Komline’s industry leading water treatment and pollution control systems because it has the double benefit of being great for our air and water while leading an industry we expect to expand in the coming years. Komline is positioned to capitalize on this trend, serving as thepremium provider across a landscape of specialized products, applications, and customers.”

Harn, based in Venice, Florida, has been serving customers in the water treatment industry since its founding by Jim Harn in 1972. Its experienced process design team includes professional engineers licensed in civil, chemical, environmental, and mechanical engineering, and Harn manufactures its custom-tailored membrane filtration systems in-house to ensure high-quality production and timely delivery.

“We work with customers across the U.S. to create solutions that address their specific needs and maximize both operational and cost efficiencies,” said Harn’s Vice President, Julie Nemeth-Harn. “Our team of design engineers, CAD operators, and technicians are highly experienced in solving the most complex operational, mechanical, and logistical issues our customers face, and we are pleased to be joining forces with Komline to offer those services to even more customers. In turn, Komline’s broad capabilities will expand the technologies and support we can offer our existing customers.”

Komline-Sanderson Acquires Barnes International, Inc.

March 24, 2021: Komline-Sanderson Acquires Barnes

Komline-Sanderson, a designer and manufacturer of equipment for wastewater management, environmental control, and other industrial applications, announced today the acquisition of Barnes International, Inc., an Illinois-based manufacturer of coolant filtration equipment. The acquisition is expected to be the first of several that will significantly expand Komline’s product and service offerings, manufacturing capacity, and geographic reach.

Founded in 1946 and headquartered in Peapack, New Jersey, Komline provides and maintains tailored filtration and pollution control solutions for a diverse group of customers around the world, including municipal wastewater treatment facilities, waste-to-energy utilities, and industrial processing plants in end markets such as chemical manufacturing, food processing, and pharmaceuticals. Now, with the acquisition of Barnes International, Komline will expand its filtration offerings to include those used by automotive, aerospace, and industrial products manufacturers. With these additional capabilities, Komline increases its ability to tackle its customers’ most difficult challenges in fluid and gas filtration.

“The acquisition of Barnes International is a momentous step in what will be a multi-faceted expansion of our business,” said Danai Brooks, Komline’s Chief Executive Officer. “With this acquisition, we are more than doubling our production capacity with facilities in Ohio and Illinois, creating a broader and more flexible manufacturing footprint. Barnes has been providing critical products to its customers for more than 100 years, and we intend to proudly continue that tradition of service and success as we join forces to offer even more benefits to our combined customer base.”

Barnes International, founded in 1907, began as a drill and tapping company serving the automotive industry with a variety of equipment, and it introduced its first filtration products in the 1950s. In addition to major U.S. automotive companies, Barnes serves customers in the aerospace, agriculture, and general machine tool industries.

“At Barnes, we have a proud history of providing the highest quality of products and services to our customers, and the Barnes management team will stay in place to carry on that mission,” said Bill Kirchner, President of Barnes International. “Komline takes the same approach to meeting and exceeding customers’ needs, and we know it to be a first-class operation that will honor and continue our company’s heritage, culture, and values.”

Ronin Equity Partners Announces Investment in Komline-Sanderson

March 17, 2021: Komline-Sanderson Investment Announcement

Ronin Equity Partners (“Ronin”) has announced its investment in Komline-Sanderson (“Komline”), a designer and manufacturer of industrial water filtration and pollution control systems.

Founded in 1946 and headquartered in Peapack, New Jersey, Komline provides and maintains tailored filtration and pollution control solutions to a diverse group of customers around the world, including municipal wastewater treatment facilities, waste-to-energy utilities, and industrial processing plants in end markets such as chemical manufacturing, food processing, and pharmaceuticals.

Komline has achieved impressive growth during its current CEO’s tenure, expanding at four times the industry average and doubling EBITDA margins. The company is now poised to serve as a well-capitalized platform for acquisitions. Simultaneously with Ronin’s investment, Komline acquired Barnes International, Inc. (“Barnes”), an Illinois-based manufacturer of coolant filtration equipment. Recently, Komline has also acquired Harn R/O Systems and the Haselden Company to establish a reverse osmosis platform.

“Our investment in Komline positions the company to be acquisitive in an increasingly critical industry,” said David Feierstein, Ronin co-founder and managing partner. “We are excited about Komline’s industry leading water treatment and pollution control systems because it has the double benefit of being great for our air and water while leading an industry we expect to expand in the coming years. Komline is positioned to capitalize on this trend, serving as thepremium provider across a landscape of specialized products, applications, and customers.”

Together with co-investment partners, Sunny River Management and Satori Capital, Ronin completed the investment on March 17, 2021. As with all Ronin investments, members of the team assume day-to-day leadership roles, highlighted by Jesse Yao, Ronin co-founder and managing partner, who is currently serving as Interim CFO & Treasurer of Komline. To learn more about Komline-Sanderson, visit komline.com.

Triago acted as placement agent and Katten Muchin Rosenman LLP provided legal counsel.