Minus Forty | QBDRonin Equity

overview

Minus Forty | QBD designs, manufactures and distributes a wide variety of high-quality refrigeration and freezing solutions for the food and beverage industries across the retail, grocery, and c‑store channels. It is headquartered in Toronto, Ontario, with 400 employees and 325k square feet of manufacturing capacity across 3 facilities.

The combined company has a robust track record of premium product design and innovation with >80 years of operating history. Minus Forty develops superior product presentation coolers and freezers that are enhanced by industry-leading smart / IoT technology. QBD is a leader in beverage cooler sales and high-concept, energy-efficient, and customized refrigerated displays.

Minus Forty and QBD merged in September 2021, creating a market leader (#2 in North America) with over 125 product categories in commercial refrigeration, with technologies and expertise that will accelerate energy efficiency, design and innovation. The Minus Forty and QBD merger was led by Ronin Equity Partners, a New York City-based family office with over $2 billion under management. Ronin Equity provides substantial financial backing, strategic guidance, and deal experience to support further growth.

acquisition strategy & capabilities

Minus Forty | QBD is now actively looking to partner with or acquire manufacturers of commercial refrigeration equipment. Ronin has over $300m in reserve equity and robust capital market connections to facilitate a transaction, as well as best-in-class post-acquisition integration capabilities.

The main objectives are to (1) become the global leader in refrigeration and freezing solutions; and (2) expand its footprint to provide solutions for its largest clients worldwide.

Ronin Equity has retained FirePower to identify and engage with new acquisition opportunities.

why partner with Minus Forty | QBD

A partnership with or a sale to Minus Forty | QBD has a number of advantages, because of its capital, infrastructure and client base:

  • Minus Forty | QBD has a blue-chip customer base (300+ customers) and equipment used in the most notable end-user locations (400k+ installed base). It can readily introduce acquired product lines into these productive sales channels.
  • Minus Forty | QBD’s financial strength, operational excellence, and seasoned deal experience typically improve its partners’ businesses quickly, yet sustainably. This can significantly increase the value of a minority stake that sellers may retain.
  • Minus Forty | QBD and Ronin has assembled a spectacular board (e.g. Troy Shannan, ex Head of Manufacturing & Supply Chain at Kraft Heinz, Bill Strenglis, ex. President of Foodservice Equipment Division at Dover) who can alter the trajectory of the companies it partners with and acquires.

what Minus Forty | QBD  looks for

PRODUCTS OFFERED

  • Coolers & Freezers: Glass Door, Pharmacy Coolers, Reach-In, Chest; Grab & Go Cases; Wine Coolers; Modular Coolers & Displays; Under-Counter Cabinets; Counter Tops; Refrigerated Drawers; Chef’s Tables; Prep Tables; and similar equipment
  • Avoid walk-in, large-scale refrigeration systems and cold rooms

FINANCIALS & OUTLOOK

  • Profitable businesses with $1M+ of EBITDA
  • Viable path to best-in-class gross margins

GEOGRAPHY

  • US, Canada, Europe & Latin America

DEAL STRUCTURE

  • Flexible structures allowing for partnerships or outright exits

This disclaimer shall apply to FirePower Corp Dev Inc., its partners, employees and agents (collectively “FirePower”). The information contained in this document (the “Information”) is for informational purposes only. FirePower makes no representations or warranties as to the accuracy or completeness of the Information. FirePower does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by the recipient in reliance on the Information or for any decision based on it. The Information cannot be relied upon to cover the recipient’s specific situation and accordingly the recipient should not act or refrain from acting upon the Information, without obtaining specific professional advice or performing such due diligence steps as the recipient may solely deem necessary. The information may change at any time without notice or obligation to the recipient by FirePower. NEITHER THIS DOCUMENT NOR ITS DELIVERY TO AN INTERESTED PARTY SHALL CONSTITUTE OR BE CONSTRUED TO BE AN OFFER TO SELL ANY SECURITIES.

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