Mill Point Capital Announces Carve-Out of FEMSA’s Commercial Refrigeration and Foodservice Equipment Businesses

The Transaction Unites Imbera and Torrey Under a New Platform, AeriTek Global LLC

KENNESAW, Ga.--(BUSINESS WIRE)--An affiliate of Mill Point Capital LLC (“Mill Point Capital”), a lower middle-market private equity firm focused on control-oriented investments in the industrials, business services and IT services sectors in North America, has entered into a definitive agreement to acquire the commercial refrigeration and foodservice equipment businesses of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE: FMX) (“FEMSA”), doing business as Imbera and Torrey (collectively AeriTek Global LLC, “AeriTek” or the “Company”), in a single corporate carve-out transaction. As part of the transaction, Imbera and Torrey will unite to form the newly created AeriTek Global LLC, a leading manufacturer, designer and distributor of commercial refrigeration and foodservice equipment products.

With an operating history of over 80 years under the Imbera and Torrey brands, AeriTek has an annual production capacity of over one million refrigeration units, as well as 13 sales offices globally. The Company is a trusted partner to global food & beverage clients, offering innovative refrigeration solutions with best-in-class quality and sustainability standards. Furthermore, AeriTek offers a broad portfolio of foodservice processing products, as well as an expansive suite of aftermarket services.

Hernan Mendoza, Chief Executive Officer of AeriTek, commented, “I am thrilled to enter AeriTek’s next phase of growth alongside Mill Point. I am eager to work alongside their deep bench of industry experts and resources to continue to drive a culture of constant product innovation, operational excellence and profitable growth.”

“AeriTek's commitment to superior product quality, innovative sustainability practices and comprehensive aftermarket services sets it apart in the industry,” said Mark Paolano, Partner at Mill Point Capital. “We look forward to partnering with Hernan and the outstanding team at AeriTek to drive further innovation and to provide unwavering support for our customers worldwide.”

"We are proud to partner with AeriTek, a business with a rich heritage of developing innovative products for its customers at the point of sale. We believe the Company’s differentiated design and manufacturing capabilities, including their in-house testing laboratories, will position AeriTek for swift and effective execution of our Value Creation Plan. By combining Hernan and his team’s expertise with Mill Point’s resources, we believe that we can unlock significant value,” added Antony Besso, Partner, Operations of Mill Point and Executive Chairman of AeriTek.

This transaction is subject to regulatory approvals and other customary conditions and is expected to close in the following months.

About AeriTek Global

Since its inception in 1941, AeriTek has been a trailblazer in the commercial refrigeration and foodservice equipment markets doing business as Imbera and Torrey. The Company offers an expansive portfolio of highly customized products, setting itself apart through relentless product innovation and delivering best-in-class quality. Additionally, AeriTek is an industry leader in sustainability standards and aftermarket services. AeriTek is headquartered in Kennesaw, GA. For more information, please visit www.imberacooling.com and www.tor-rey.com.

About Mill Point Capital LLC

Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.

About FEMSA

FEMSA (NYSE: FMX) is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, a European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.