AeriTek Announces Acquisition of Due North, Creating a Global Leader in Retail Refrigeration

KENNESAW, Ga.--(BUSINESS WIRE)--AeriTek Global Holdings LLC (“AeriTek”), a portfolio company of Mill Point Capital LLC (“Mill Point Capital”), announced today the acquisition of Minus Forty QBD Corp. (“Due North”), a leading manufacturer of commercial refrigeration solutions serving customers across the United States and Canada. The transaction represents a transformational milestone in the retail refrigeration industry, uniting two highly complementary businesses with strong customer relationships and diverse product portfolios. Together, AeriTek and Due North will form a scaled, global platform well-positioned to deliver innovative, high-quality and energy-efficient refrigeration solutions to customers worldwide.

The addition of Due North’s respected brands, QBD and Minus Forty, perfectly complements AeriTek’s current portfolio by broadening its client reach, further diversifying its product portfolio and strengthening its market presence in the United States. The combined company will serve a broad range of customers across beverage, foodservice, convenience store and micro-market channels, supported by a comprehensive product portfolio and expanded North American distribution network.

"We are extremely excited to welcome Due North into the AeriTek family," said Antony Besso, Executive Chairman of AeriTek and Partner of Operations at Mill Point Capital. “Their rich history of innovation, robust customer base and differentiated design capabilities perfectly complement our own. This combination gives us a significantly larger presence in the U.S. market and the scale and expertise to execute our Value Creation Plan and unlock meaningful growth opportunities.”

“Due North’s strong foothold in high-growth markets in North America and its reputation for quality and reliability make it an ideal partner for AeriTek,” added Mark Paolano, Partner at Mill Point Capital. “We look forward to partnering with Troy Shannan and the rest of the management team to build on this momentum and deliver enhanced value to customers across the combined platform.”

McDermott Will & Schulte LLP and Blake, Cassels & Graydon LLP served as legal counsel to Mill Point Capital and AeriTek.

About AeriTek
Since its inception in 1941, AeriTek has been a trailblazer in the commercial refrigeration and foodservice equipment markets doing business as Imbera and Torrey. AeriTek 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 https://aeritekglobal.com/.

About Due North
Due North is a leading manufacturer of commercial refrigeration units, offering a broad product portfolio including coolers, freezers and open-air "grab-and-go" cases under the QBD and Minus Forty brands. Due North serves high-growth end markets including Beverage, Foodservice, Pet and Micro-Market. For more information, please visit https://duenorth.com/.

About Mill Point Capital
Mill Point Capital is a private equity firm focused on control investments in lower-middle market companies across the Business Services, Industrials and IT Services sectors throughout North America. Mill Point’s experienced team of investment professionals, Executive Partners and Functional Experts seeks 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.