Mill Point Capital, a private equity firm specializing in control-oriented investments within the industrials, business services, and IT services sectors across North America, has finalized 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”). These businesses, operating under the brands Imbera and Torrey, will come together to form AeriTek Global LLC (“AeriTek” or the “Company”) in a single corporate carve-out transaction.
AeriTek Global LLC will emerge as a leading manufacturer, designer, and distributor of commercial refrigeration and foodservice equipment. With a legacy spanning over 80 years under the Imbera and Torrey brands, AeriTek boasts an annual production capacity exceeding one million refrigeration units and operates 13 global sales offices. The Company is recognized for delivering innovative refrigeration solutions that meet the highest standards of quality and sustainability. In addition to its refrigeration offerings, AeriTek provides a comprehensive range of foodservice processing products and extensive aftermarket services.
Hernan Mendoza, CEO of AeriTek, expressed his enthusiasm about the company’s new chapter: “I am thrilled to embark on AeriTek’s next growth phase with Mill Point. I look forward to collaborating with their team of industry experts and leveraging their resources to foster a culture of continual innovation, operational excellence, and profitable growth.”
Mark Paolano, Partner at Mill Point Capital, added, “AeriTek’s dedication to exceptional product quality, cutting-edge sustainability practices, and thorough aftermarket services distinguishes it within the industry. We are excited to work with Hernan and the talented AeriTek team to further innovation and support our global customers.”
Antony Besso, Partner, Operations at Mill Point and Executive Chairman of AeriTek, noted, “We are proud to partner with AeriTek, a company with a distinguished history of creating innovative products at the point of sale. The Company’s unique design and manufacturing capabilities, including in-house testing laboratories, will enable swift and effective execution of our Value Creation Plan. By combining Hernan and his team’s expertise with Mill Point’s resources, we are confident in unlocking significant value.”
The transaction is pending regulatory approvals and other customary conditions and is anticipated to close in the coming months.
