CANADA: Quebec-based commercial refrigerated display case manufacturer MTL Cool has been acquired by Due North, the recently formed operating company from the merger of Minus Forty and QBD.
US investment firm Ronin Equity acquired Toronto-based refrigerated retail merchandising solutions businesses QBD and Minus Forty in 2021. Last month they were merged under the Due North name to create the no2 player in the North American refrigerated display market.
MTL Cool achieved sales of US$22.5m in the last financial year. The product range includes inline horizontal open-air coolers, horizontal sliding glass lid coolers, freezers, vertical open-air coolers and endcap solutions.
The combined group will have annual revenues of around $150m.
“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,” said Troy Shannan, CEO of Due North.