Standex sells refrigerated food service business

USA: Standex International is to sell its Refrigerated Solutions Group (RSG), and its Nor-Lake and Master-Bilt brand food service refrigerated cabinets and walk-ins, to US investment group Ten Oaks.

The $11m deal  is expected to close in the second quarter of this year.

Master-Bilt was acquired by Standex in 1971 and operates from New Albany, Mississippi. Nor-Lake was added in 2003 and manufactures in Hudson, Wisconsin.

Standex is a multi-industry manufacturer, operating in five broad business segments: engraving, electronics, engineering technologies, hydraulics, and food service equipment.

According to Standex president and CEO David Dunbar, the sale of its refrigeration business continues the simplification of the company’s portfolio that began with the sale of its cooking business last year. “This step enables us to focus more clearly on those of our businesses which have higher growth and margin profiles, he said.