Ronin Equity Partners and Landon Capital Partners achieve Strategic Sale of Heartisan Foods to The Gellert Global Group

April 14, 2025 - Operationally-focused buyout group, Ronin Equity Partners in partnership with Landon Capital Partners, announces the sale of Barron, Wisconsin-headquartered Heartisan Foods to The Gellert Global Group. The Gellert Global Group owns a specialty cheese subsidiary, Atalanta Corporation, which is one of the leading specialty food importers of high-quality cheese, charcuterie, deli meats, grocery products, and seafood worldwide.  Founded in 1945 and under the umbrella of The Gellert Global Group, Atalanta is one of the largest privately held food importers in North America.

 Ronin and Landon formed Heartisan in June 2021 through the simultaneous acquisition and integration of three market leaders in specialty cheese: Red Apple Cheese, Barron County Cheese, and Cheese Brothers. North Country Packaging was acquired and integrated by the Heartisan platform in June 2023. The combined platform sells over 70 different cheese products in bricks, rounds, slices, and snack forms (including curds, shreds, sticks, and spreads), covering a range of flavors (tomato-sweet basil to ghost pepper) and types, from smoked cheese to kosher cheese. Sold primarily through the Red Apple brand, Heartisan is the fastest growing speciality cheese group in the U.S. with double-digit sales growth annually.

 “To turn Heartisan into a cohesive powerhouse, our investment partners embedded in with us, overhauled the back office, and helped us create a well-oiled infrastructure from processing to sales,” says Lori Henningfield, Heartisan chief commercial officer. “That gave us the base to expand everything from production to products rapidly.” Highly focused commercial and operational support are a standard part of all Ronin investment programs with several Ronin team members taking executive roles at Heartisan. “The benefits we’ll be able to achieve with a diversified food group like Gellert Global’s Atalanta make this sale the natural next step in our evolution,” says Pratap Mukharji, Heartisan’s chairman of the board.

“Consolidating Heartisan with a top-tier industry specialist is the best way to maximize value for everyone,” says Ronin Managing Partner and Co-Founder, David Feierstein. “More broadly, we’re seeing a wave of consolidation deals in an exceptionally fragmented cheese industry,” says Jesse Yao, Ronin’s other Co-Founder and Managing Partner.  “With demand at an apex for nutrient-rich dairy, we’ve seen heightened M&A interest for companies in the cheese category.”

As with all its acquisitions, Ronin financed the purchase with investments from a range of limited partners, in this instance including Cardinal Equity Partners and First Haven Capital. Ronin also partnered with the direct private equity investment firm, Landon Capital Partners, for the majority of the equity.

“There has been a limited capacity issue with all the Ronin deals we’ve raised capital for, as is frequently the case with the best direct investment teams,” says Matt Swain, Head of Direct Placements and Secondaries at Houlihan Lokey. Swain and his team have raised the capital for all of Ronin’s funded deals. All have been oversubscribed by a factor of at least three. “We’re very pleased with this exit,” says Sundip Murthy, Managing Partner of Landon Capital Partners. “Heartisan’s superior growth and the successful sale of a domestically-focused business in a tough market for transactions illustrates what can be achieved with strong alignment in direct deals.”

Immediately before the current transaction, online cheese brand and distributor, Cheese Brothers, was carved out from Heartisan. Selling a wide range of cheese products directly to consumers, Cheese Brothers’ annual revenues have quickly grown due to a loyal customer following. Cheese Brothers is being sold for an undisclosed sum.

Since the first quarter of 2021, when it began investing, Ronin has committed to five platform investments, comprising a total of 23 companies. From acquisition to date, annualized EBITDA at Ronin’s five platform companies has risen 30 percent to $103 million, while annualized revenues are up 35 percent to $512 million.

Ronin has a current pipeline of close to 50 potential proprietary food deals with EBITDAs ranging from $3 million to $70 million. Ronin has signed a letter of intent for a purchase it expects to close by May and is likely to sell a second portfolio company later this month.

Goulston & Storrs and Katten Muchin Rosenman acted as legal advisors on Heartisan.  Intrepid acted as the exclusive financial advisor to Heartisan Foods and the company’s shareholders.  KeyBanc advised Ronin Equity Partners in the transaction.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team can provide a wide variety of commercial and operational resources, including embedding staff into companies as interim senior executives to build robust back-offices and infrastructure capable of scaling businesses for growth and integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by managing partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 75 operating advisors in the consumer and industrials sectors.

www.roninequitypartners.com

 About Landon Capital Partners

Landon Capital Partners (“LCP”) is a private equity firm based in Boston, MA and London, UK, focused on the U.S. lower-middle market and backed by global family office investors. LCP targets control investments in growth-oriented companies with $5 to $25 million of EBITDA, primarily in the business and consumer services as well as niche industrial sectors. As a trusted partner to founders and management teams, LCP brings institutional capabilities with an entrepreneurial mindset. The firm differentiates itself through its flexible capital, hands-on support, and access to a global network of long-term-oriented investors. LCP has completed over 18 platform investments, helping founders and management teams drive transformational growth and lasting value creation.

www.landoncapital.com

Ronin Finances the Acquisition of Woodmaxx for its Market Leading Outdoor Equipment Company, Rebranding the Merged Group Engenuity

March 20, 2024: Engenuity Outdoor Equipment Acquires Woodmaxx

Operationally-focused buyout group Ronin Equity Partners has funded through a $25 million term-loan facility the purchase of Woodmaxx by the market-leading outdoor equipment company, DK2. The transaction adds annually $20 million in Woodmaxx revenues and some $5 million in synergies. As part of the deal, DK2 (formed 20 months ago through Ronin’s purchase and simultaneous merger of three companies) is being renamed Engenuity Outdoor Equipment. Ronin set up the term loan facility for the purchase of Woodmaxx when Engenuity was formed from the merger of DK2, Snowbear - both based in Ontario, Canada - and Mount Airy, Georgia-based Currahee Trailers.

Since its founding in 2010, Akron, New York-based Woodmaxx has built a loyal customer base attracted by quality engineering and a value-for-money ethos. “This latest transaction creates an extraordinarily diversified outdoor equipment business in sales channels and product offerings,” says Ronin Partner and Engenuity Chief Financial Officer, Tiffany Bell. “We’ll expand Woodmaxx’s reach into traditional retail channels and dealers, while bringing its engineering and product development expertise to DK2,” says Kurt Schie, President and founder of Woodmaxx. “Combined, we’ll deliver more value to customers and build an even broader range of innovative products.” Schie and fellow Woodmaxx owners are reinvesting a substantial portion of their proceeds from the sale into a double-digit minority stake in Engenuity.

Woodmaxx expands DK2’s offering, centered on products with embedded engines, by adding power take-off equipment – more robust machinery highly appealing to professionals - powered by a connected energy source, typically tractors or skid steers. The acquired company’s products, currently sold through online and phone-based direct-to-consumer channels, will also be offered through DK2’s retail network (and visa-versa for DK2 equipment). Woodmaxx products and its substantial domestic manufacturing diversify Engenuity’s supply chain, reducing dependence on outsourced manufacturers, while adding procurement cost synergies.

“This is a match made in heaven,” says Doug Robinson, Chairman and CEO of Engenuity, and former President of International Operations & Development at Lowe’s Companies. “With the team at Woodmaxx, we’re getting some of the industry’s best talent in product engineering, domestic manufacturing capabilities, and customer service.”

The combined group is expected to achieve long-term revenues in excess of $100 million, including cross-selling opportunities and synergies. Engenuity is a leading North American outdoor equipment player, selling a wide range of woodchippers, snowplows, winches, auto accessories and trailers. Its core customers are individual landowners taking on do-it-yourself projects (known as “prosumers”) and small to medium-sized professional landscapers, ranchers and farmers.

Since 2021, when it began investing, Ronin has deployed over $350 million, including reserves for follow-on investment. This covers five platform investments, comprising 23 companies. Ronin and Engenuity management have identified more than 35 complementary outdoor equipment businesses and expect further acquisitions.

Katten Muchin Rosenman acted as legal advisors on Woodmaxx; buyside M&A advisors were Harvey & Company; and debt was provided by a syndicate led by RBC, HSBC, National Bank of Canada and Desjardin.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 150 operating advisors in the consumer and industrials sectors.

Heartisan, a Leading Manufacturer & Online Purveyor of Specialty & Flavored Cheese, Buys North Country Packaging in Transformative PE Deal

September 8, 2023: Heartisan Acquires North Country Packaging

Barron, Wisconsin-headquarterd Heartisan Foods, a leading manufacturer and the largest online U.S. seller of specialty & flavored cheese, is buying North Country Packaging, also based in Barron County. The transformative deal will triple Heartisan’s manufacturing capacity, support the fast-growing Cheese Brothers online brand with expanded fulfilment capabilities, and allow Heartisan to launch new, innovative products across cheese spreads and cheese curds - both of which help support Heartisan’s growth in the fast-growing cheese snack category. North Country’s co-founders, Kendall Goossen (taking a senior executive role at Heartisan) and his wife Maria will retain a significant stake in the combined entity.

“We’ve known the Goossens and their colleagues at North Country for years and we share the exact same vision,” says Gene Graf, CEO of Heartisan. “The added capacity comes at just the right time, given that we’re currently running our production facilities at full steam. With 32 different North Country cheese spreads and cheese curds to choose from, Heartisan’s customers now have a different flavor to enjoy every day of any month.” North Country’s innovative products range from tomato & sweet basil curds to habanero ghost pepper spreads. “This deal is the perfect way to accelerate growth, speed up innovation, and expand cutting-edge products at both companies,” says Goossen.

To finance the purchase of North Country, Ronin is using a $10 million revolving credit line established for Heartisan when the latter was formed in 2021. Ronin created Heartisan through the simultaneous acquisition and merger of flavored & smoked cheese specialists Red Apple Cheese, Barron County Cheese, and the direct-to-consumer eCommerce business Cheese Brothers. That original transaction was financed by institutional investors and family offices including Landon Capital, Cardinal Equity and First Haven Capital.

In addition to online sales, Heartisan’s flavored and smoked cheese is distributed across the U.S. through more than 12,000 retail outlets. “Expanding capacity and driving innovation in new flavors and product categories shows our retail and consumer partners how committed we are to supporting their needs and driving growth” says Ronin partner Tiffany Bell, a Heartisan board member. “The expanded capacity will enhance our margins and give us better control of the supply chain, fulfilment, and quality.”

Heartisan, with yearly revenues of more than $50 million, has seen sales and profits rise 30 percent annually since its creation. As is typical in Ronin investments, Bell was seconded to Heartisan as CFO at the time of the group’s creation, setting up the infrastructure, systems and processes that have enabled the management team to drive Heartisan’s exceptional growth.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior investment and operating expertise. The group invests in market leaders with highly defensible market positions, strong demonstrated cash flows, and in situations where Ronin’s operating playbook can add value through enhanced systems, processes, and talent recruitment. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 75 operating advisors in the consumer and industrials sectors.

Through the Simultaneous Merger of Six Companies, Ronin Helps Create the Only End-to-End Provider of Craft Brewery & Beverage Equipment in North America

April 20, 2023: Ronin Equity Partners Announces Lotus Beverage Alliance

Operationally-focused buyout group, Ronin Equity Partners, has created Lotus Beverage Alliance through the simultaneous merger of six companies. The new group has 75 years of combined experience with locations in Lincoln, Nebraska, Ypsilanti, Michigan, Denver, Colorado, Portland, Oregon, and Hopewell Junction, New York. Lotus is a partnership of Alpha Brewing Operations, GW Kent, Twin Monkeys, Stout Tanks and Kettles, Brewmation and Automated Extractions.

Lotus’ more than 1,500 products and services - some patented and many customized - cover canning systems, automation and control systems, turn-key brewhouse construction, packaging, thermal processes, tanks and sanitation equipment. With a recurring spare parts business across all product lines, Lotus is the only company in North America to cover every step of craft brewery and beverage production, from raw ingredient supply to canning and other forms of packaging. In another first, Lotus has introduced a proprietary financing program that offers customers affordable financing options for all the company’s product lines. To provide, clients with maximum flexibility, credit approvals typically take less than 24 hours.

Ronin owns the majority of Lotus, and together, the six companies have a combined value of $100 million. Founders and management hold a significant double-digit ownership percentage, and Ronin has implemented an equity incentive program throughout the organization, extending to even the most junior employees. Research has shown that broad-based employee ownership programs improve worker retention, reduce income disparity, and result in higher margins, as well as improved growth and operating efficiencies across various aspects of a business. Ronin collaborated with Ownership Works in this employee ownership program’s creation.

“As the industry’s only one-stop shop, Lotus has everything that craft beverage creators need to produce the products they love, for the people who love them,” says John Ansbro, Lotus’ newly appointed CEO. “Our ownership structure makes us even more responsive to clients.”

Ansbro, an industry veteran with over 30 years of experience in equipment manufacturing (holding senior executive positions at Alfa Laval, Johnson Controls and the GEA Group) will be joined by Ronin Managing Partner and co-founder Jesse Yao, who will embed as Lotus’ CFO. Ronin Vice-President Jack Burke and Associate Elliott Rogasik are also taking senior executive positions. The board includes six Ronin operating advisors with experience running global operations at some of the world’s largest (or most celebrated) beer, food and beverage manufacturers, including SABMiller, AB InBev, Harpoon Brewery, KraftHeinz, Naked Juice and Ocean Spray).

“We are thrilled at the prospect of uniting a fragmented craft beverage supply landscape through a remarkable alliance of industry partners.” says Yao. “By embedding Ronin executives in the back office, our corporate partners can concentrate more fully on expanding their product range and increasing sales.” Managers and founders from the six merged companies form the bulk of senior management at Lotus.

On a combined basis, sales for the merged group rose 29 percent over three years to $65 million in 2022 while earnings before interest, tax, depreciation and amortization increased 39 percent. Rapidly growing international sales in Europe and Asia where high-quality, smaller-batch craft beer production is just taking off, accounts for some 7 percent of combined group sales, increasing from virtually nothing in 2019.

Beyond the purchase price, Ronin has reserved nearly $35 million in pre-arranged financing to fund acquisitions for Lotus in the Americas, Europe and Asia. Ronin and Lotus have identified more than 50 potential acquisitions and are in active discussions with nine of those companies.

In addition to craft beer, Lotus’ products and services are equally suited to other fast growing beverage markets including kombucha, cold brew coffee, hard seltzer, ready-to-drink cocktails, premium wines and ciders, and cannabis-infused drinks. These products currently account for some 26 percent of sales.

The six acquisitions forming Lotus were financed using Ronin’s balance sheet, with investments from a range of limited partners, including Nicola Wealth and Fiera Comox.

Since the first quarter of 2021, when it began investing, Ronin has deployed over $350 million including reserves for follow-on portfolio investment. The capital was committed to five platform investments, comprising a total of 21 companies. Since deal close - i.e. within two years - annualized earnings before interest, taxes, depreciation and amortization at Ronin’s first four platform companies have risen 30 percent to $104 million, while annualized revenues are up 23 percent to $484 million.

Triago Americas Inc., acted as sole placement agent on all of Ronin’s platform investments, including the Lotus transaction. Katten Muchin Rosenman acted as Ronin’s legal advisor on Lotus; buyside M&A advisors were KeyBanc and Harvey & Company. Debt was provided by Webster Bank as Lead Left Bookrunner & Administrative Agent and by Texas Capital Bank, BHI and Stifel Bank as Joint Lead Arrangers.

About Ronin Equity Partners

Based in New York City, Ronin Equity Partners represents a new type of investment firm, powered by an operationally-focused value creation strategy. Ronin makes control equity investments exclusively in the Industrial and Consumer sectors, where the team has prior expertise. The group buys strong businesses with high demonstrated cash flows, where Ronin’s operating playbook adds value. The Ronin team embeds into each company as interim senior executives to build a robust back-office infrastructure capable of scaling the business for growth and seamlessly integrating acquisitions. This partnership empowers management to focus entirely on growing the business without being burdened by back-office operations. The firm was founded in 2019 by Managing Partners David Feierstein and Jesse Yao alongside other former senior executives from Kraft Heinz, NCR, and Diversey. The firm is supported by some 75 operating advisors in the consumer and industrials sectors. www.roninequitypartners.com

Successful Manufacturer of Refrigerated Merchandisers MTL COOL, Joins Forces with Due North Brands

September 19, 2022: Due North Announces Acquisition of MTL Cool

Well-known open air commercial refrigerated showcases company, MTL COOL, has been acquired by Due North (DueNorth.com), the newly created operating company of QBD and Minus Forty. This strategic acquisition allows Due North to further diversify and complement its multiple-product lineup. It also positions the company to serve an ever-changing retailer and food and beverage market. The unification of brands under Due North will solidify their evolution by offering a growing portfolio of innovative products and services to their customers.

"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. Our recent announcement of the creation of Due North (see press release) reinforces industry confidence in our long-term plan to deliver advanced refrigeration solutions that provide value to our customers,” said Troy Shannan, CEO of Due North. “We are committed to using all our resources and status to boost both our brand and the sales of the industries we serve.”

MTL Cool revenues in fiscal 2022 were C$30 million ($22.5 million). The combined group has annual revenue of C$200 million ($150 million), with sales growing some 25 percent annually.

Under Due North, MTL COOL will continue to offer best-in-class products which includes inline horizontal open-air coolers, horizontal sliding glass lid coolers & freezers, vertical open-air coolers and endcap solutions. Through the interconnected and collaborative Due North approach, retailers and food-centric brands will be able to create superior brand experiences that align with their retail strategies and are relevant to consumers. Due North customers are now poised to advance their competitive advantage and their merchandising of products. Due North’s expanded suite of display coolers is intended to maximize the sales of its customers while simplifying their refrigerated retail merchandising programs.

“With our team of highly experienced and passionate professionals, and a focus on the highest level of quality standards and product evolution, Due North companies have a demonstrated track record helping customers scale and grow their business,” says Julian Attree, Chief Strategy Officer and Chief Commercial Officer of Due North. “We are well positioned to deliver on our promise of building long-term customer relationships as we help provide unforgettable retail brand experiences for consumers.”

“We are recognized as a leading manufacturer of customized refrigeration systems for the North American food and beverage retail industry, serving small businesses and large national brands,” says Mark Bedard, President of MTL COOL. “We’re excited to become part of a powerful combination of brands under Due North. Combining our forces will lead to more opportunities for innovation and sharing of industry expertise and best practices, enriching our service offering and deepening customer relationships.” Due North supports customers in retail segments including beverage, ice cream, pet food, vending, grocery, food service, convenience, QSR, pharmacy and more.

Due North was formed in 2021 by Ronin Equity Partners, which simultaneously acquired and merged QBD and Minus Forty into a platform for consolidation in the fragmented North American refrigerated display case industry. Some 60 percent of the industry is divided between over one hundred family-owned businesses. Due North is the #2 player in the North American refrigerated display market by sales and is looking at multiple acquisitions in the U.S., Europe and Latin America.

Ronin Equity Partners Creates a Diversified Platform in Outdoor Power Equipment and Utility Trailers with Three Simultaneous Acquisitions

July 11, 2022: Ronin Announces Investment in DK2, Currahee Trailers, and SnowBear

Ronin Equity Partners announces the creation, through three simultaneous acquisitions, of the leading North American diversified manufacturer of small- to medium-scale outdoor power equipment and utility trailers. The three merging firms focus on homeowners with more than five acres of land and on small-scale landscapers, ranchers, and farmers. Two of the businesses, DK2 and SnowBear, are based in Ontario, Canada and the third business, Currahee Trailers, is headquartered in Mount Airy, Georgia. The combined company will have over 50 years of operating experience. DK2 pioneered the combination of online ordering (via close partnerships with major home improvement chains like Home Depot and Lowe’s) with door-step delivery of previously difficult-to-package outdoor power equipment and utility trailers.

Operating under the DK2 corporate name, the merged group is the #1 or #2 North American player across more than 250 products in outdoor power equipment and utility trailers. Among the products are a wide selection of woodchippers, snowplows, winches, and utility trailers. The owners and senior management teams of all three companies have retained a significant stake in the merged group and remain actively involved in company management.

“These three firms are helping to create a new category of high-end consumers and small-scale professional users for outdoor power equipment and utility trailers. We see significant growth in this prosumer demand for years to come,” says David Feierstein, Managing Partner of Ronin. “We’ll combine the best of the companies’ manufacturing and delivery models, extend those capabilities to complementary equipment categories, and finance organic expansion and acquisition,” says Ronin Partner Tiffany Bell, who joins DK2 as Chief Financial Officer.

Although the purchase price is undisclosed, on a merged basis the group registers annual revenues in excess of $60 million and shows average annual sales growth over the past five years of 40-plus percent. Ronin has reserved more than $25 million to fund highly synergistic acquisitions for DK2 and is currently in discussions with several targets. More than 35 complementary businesses have been identified.

“This is more than just an investment,” says Steve Malizia, founder and CEO of DK2. “Ronin is bringing us back-office resources and scaling experience, while reinforcing operating muscle so that we can exceed our base potential as a combined group.” At the merged DK2, Malizia will serve as CEO, alongside new Chairman Doug Robinson, one of more than 30 Ronin Operating Advisors – a group that helps source transactions and advises on tactics and strategy. Over a 30-year career, Robinson served as CEO of multiple home improvement, appliance, and building materials companies. A former President of International Operations and Development for Lowe’s Companies - the world’s second largest home improvement company and a major distributor of DK2 products - Robinson headed the group’s e-commerce initiative, helping to build Lowe’s into a strong omni-channel retailer.

Joining Malizia and Robinson on the new DK2 board are four other Ronin Operating Advisors: Jim Core, formerly President of the Professional Division at Home Depot, the world’s largest home improvement company and a major DK2 distributor; Tory Upham, previously General Manager at Dakine, an outdoor equipment company; Gabriel Arreaga, Chief Supply Chain Officer at supermarket giant, Kroger; and Mark Traylor, formerly President of the AMES Companies, one of the largest players in non-powered lawn and garden tools.

The acquisition of the three companies was financed using Ronin’s balance sheet, with investments from a range of limited partners, including Stephens Capital Partners, Northwood Ventures, Knott Partners, and Cardinal Equity.

Ronin and its investors have deployed, or reserved for follow-on portfolio investment, in excess of $350 million. The capital was committed to four platform investments, comprising a total of 14 companies. Apart from DK2, Ronin’s three other buy-and-build platforms cover commercial refrigeration, the specialty cheese industry, and wastewater purification and filtration.

Triago Americas, Inc., acted as the sole placement agent on all of Ronin’s platform investments, including the DK2 transaction. Katten Muchin Rosenman LLP and McCarthy Tetrault LLP acted as Ronin’s legal advisors on its latest platform investment; buyside M&A advisors were Harvey & Company and Robert W. Baird. Debt was provided by Royal Bank of Canada as Lead Left Bookrunner & Administrative Agent; by HSBC and by National Bank of Canada as Joint Lead Arrangers; Desjardin acted as a debt Participant.

Ronin Equity Partners Consolidates Refrigerated Display Market with Simultaneous Acquisitions of QBD and Minus Forty

September 7, 2021: Ronin Announces Investment in QBD and Minus Forty.

Ronin Equity Partners has acquired two leading North American manufacturers of commercial refrigeration equipment, QBD and Minus Forty, both located in Canada’s Greater Toronto area. In partnership with Ronin, the merged group is looking at multiple acquisitions in the U.S., Europe and Latin America. The combined company will be the #2 player in the North American refrigerated display market. The brands will continue to be marketed under their own names, but the merged group will be a platform for consolidation in the fragmented refrigerated display case industry, where 60 percent of the market is divided between over one hundred family-owned businesses.

In addition to being the industry’s largest provider of pet food coolers, Minus Forty has developed superior product presentation coolers and freezers for the micro market and food industries that are enhanced by industry-leading smart technology (i.e. the “internet of things”). QBD is a leader in beverage cooler sales and high concept, cost-efficient, and customized refrigerated displays. QBD uses state-of-the art EPA-certified Energy Star products and environmentally friendly natural refrigerants.

“This deal expands our reach into new sectors, it widens the use of our green cooling deck design, and allows us to leverage Minus Forty’s internet of things technology to reinforce our position in the beverage sector,” says Safder Jaffer, President of QBD. “The expanded group will double manufacturing capacity, allow us to expand our unbeatable value proposition, and combines cutting-edge, complementary technologies to create a fantastic platform for buy-and-build acquisitions,” says Julian Attree, Co-Founder of Minus Forty.

Both Attree and Jaffer will be actively involved in the combined business. One of Ronin’s Managing Partners, Jesse Yao, will become Chief Financial Officer, and two other Ronin executives will hold senior roles. The group’s Chief Executive will be Ronin operating advisor, Troy Shannan, who is joining from Nonni’s Foods, where he was Executive Vice President in charge of Supply Chain and Manufacturing. Prior to that he ran Global Operations and Supply Chain at Kraft Heinz. Existing management and the acquired companies’ founders will retain a significant stake in the new group.

“The Minus Forty and QBD teams will create a powerhouse in commercial refrigeration, with technologies and expertise that will usher in an era of energy efficiency, high concept design and innovation in a sector that’s growing six percent annually,” says Ronin Chief Investment Officer Ike Helene. “We are going to create a foundation of continued consolidation in a fragmented sector that rewards scale with higher margins and better than average growth,” says Ronin Managing Partner David Feierstein. “The team we’re assembling will leverage the full breadth of Ronin’s capabilities in integration, operational excellence and commercial expertise.” The merged group is looking at multiple acquisitions in the U.S., Europe and Latin America.

The QBD and Minus Forty transaction – sourced on a proprietary basis through Ronin’s network of operating advisors – has an enterprise value of $230 million. The double-digit top and bottom-line growth of QBD and Minus Forty should be significantly enhanced by raw material purchasing synergies, a combined sales force, organic expansion into new sectors and future acquisitions. Northleaf Capital Partners, Cherng Family Trust, Stephens Capital Partners, Nicola Wealth, Northwood Ventures, Knott Partners and Sope Creek Capital acted as co-investors in the transaction. Measured by sales, the combined company will be the number two player in the North American refrigerated display market.

With the simultaneous purchases, Ronin has invested or reserved for follow-on portfolio investment some $300 million. This includes all the capital raised for its inaugural fund plus all co-investments.

Triago Americas, Inc., acted as sole placement agent for Ronin Fund I. “Ronin stands out from the crowd with an intense focus on operations and simultaneous industry rollups that reduce risk and increase returns,” says Matt Swain, a partner at Triago.

For the QBD and Minus Forty purchases, Katten Muchin Rosenman LLP and Bennett Jones LLP acted as legal advisors. Buyside advisors were Cleive Dumas and William Strenglis of M&A Advisory Services, and Rabobank. The transaction was supported with financing provided by J.P. Morgan as Lead Left & Administrative Agent; HSBC, TD Bank, Fifth Third Bank, Rabobank, and CIBC as Joint Lead Arrangers; and BHI and Stifel Bank as Participants.

Ronin Equity Partners Acquires Three Market Leaders in Specialty Cheese

June 7, 2021: Ronin Announces Investment in Red Apple Cheese, Barron County Cheese, and Cheese Brothers

Ronin Equity Partners is pleased to announce the acquisitions of Red Apple Cheese, a market leader in smoked, flavored, and kosher specialty cheeses, Barron County Cheese, a major smoker and co-packer for the specialty cheese industry, and Cheese Brothers, an innovative eCommerce specialty cheese business.

The combined company will be an omni-channel and vertically integrated market leader in smoked, flavored, and kosher cheese, as well as an independent brand consolidator in a fragmented U.S. premium cheese and charcuterie market.

“We’re creating a powerful combination of ambitious companies, steeped in family-owned Wisconsin and New England traditions, and Ronin, which has the operational and market expertise in the cheese and consumer packaged goods space to turbocharge growth,” says Gene Graf, co-founder of Cheese Brothers and Barron County Cheese. Graf will lead operations for the new company - yet to be named. Cheese Brothers’ other co-founder, Eric Ludy, will lead marketing and eCommerce alongside one of Ronin’s partners, Tiffany Bell, who will step in as CFO. The group will be led by David Toy, who is joining as CEO from his previous role as Chief Commercial Officer of Sauer Brands and Kraft Heinz, where he led the Foodservice business.

Existing management and the acquired companies’ founders will retain a significant stake in the new group. “We’re incredibly excited about this partnership and felt the investment was perfect for us,” says Ronin Managing Partner David Feierstein. “We want to enable motivated, passionate founders and executives in fragmented industries, using our financial muscle and operational expertise to execute accelerated roll-ups.”

Ronin has completed two of an expected four platform deals as part of their inaugural fund, which closed on commitments of some $300 million in March from family offices including Landon Capital, Cardinal Equity, and First Haven Capital. Triago acted as the sole placement agent for Ronin Fund I. For the cheese industry transaction, Katten Muchin Rosenman LLP acted as sole legal advisor and XMS Capital as sole buyside advisor.