Merger creates $200m walk-ins business
USA: A new $200m walk-in cooler and freezer company has been formed from the merger of Hill Phoenix’s walk-ins business and Kysor Panel Systems.
D Cubed Group LLC, a New-York-based investment company, is the company behind the management buy-out, acquiring Hill Phoenix’s Walk-Ins business from Dover Corporation and Kysor Panel Systems from Manitowoc.
The new company, KPS Global, headquartered in Fort Worth, Texas, will have a combined annual revenues of over $200m (of which $95m is from Hill Phoenix’s Walk Ins business) and more than 600 employees.
“This transaction recognises the strength of two industry leaders with similar product lines and customer-oriented sensibilities,” said Glenn Kaufman, managing director of D Cubed, who has been involved with the retail and foodservice industries for almost 20 years.
“The walk-in industry has never had a singularly focused and independent company with the level of committed financial and human resources as exists in KPS Global.”
Discussing the combined assets of the new business, Kaufmann said: “Both companies are recognised for having high-quality manufacturing. Both have an industry-leading field tech network. Both serve a national customer base of blue chip companies. Most importantly, both have extremely dedicated employees. And now KPS Global has the size and scale to drive service levels to an even greater level as well as to innovate and invigorate.”
According to Kaufman, KPS Global management is a blended leadership team with more than 200 years of industry knowledge. Upon acquisition, the two teams of senior executives will become employee-owners. Jack Bowling, previously with Kysor Panel Systems, is becoming its chief executive officer.
“I believe we have created a world class organisation with a laser focus on walk-in solutions,” said Jack Bowling. “We have done it with the backing of a partner who represents long term-oriented business people. It’s the perfect combination of assets, products and services.”