Minus Forty | QBDRonin Equity


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


  • 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


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


  • US, Canada, Europe & Latin America


  • Flexible structures allowing for partnerships or outright exits

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