AeriTek acquired North American refrigerated display case company Due North from Ronin in September. This is the second part of a two-stage deal that enhances time-weighted returns for Ronin’s Due North investors while offering a new investment opportunity in an expanded AeriTek.

New York-based investment firm, Ronin Equity Partners, announces the completion of its General Partner-led secondary acquisition of a minority stake in AeriTek Global, priced at $3.11 per share. AeriTek is one of the leading manufacturers and distributors of refrigerated display cases in North and South America. AeriTek is majority owned by Mill Point Capital, a New York-based private equity firm focused on control investments in lower-middle market companies across business services, industrials and information technology services sectors.

Kennesaw, Georgia-based AeriTek was formed in 2024 from Mill Point’s corporate carve-out of well-known refrigerated display brands Imbera and Torrey from Mexico’s listed beverage giant FEMSA. Ronin sold Toronto-based Due North to AeriTek in September. At the time, Ronin intended to find new investors to hold an undisclosed minority stake in the expanded group through a GP-led continuation vehicle, now completed.

The CV’s closing has been followed almost immediately by AeriTek’s add-on acquisition of Federal Industries, LLC in a carve-out from Standex International Corporation (NYSE: SXI), announced on March 9. Federal is a leading U.S.-based manufacturer of refrigerated, heated and ambient food and beverage merchandising display cases serving customers across a diverse set of foodservice end markets in the U.S.

“It’s more complicated than the typical GP-led secondary deal, but with two stages we could immediately crystalize value for existing investors, in under five years, boosting time-weighted annualized returns while preserving a minority stake for new investors in a highly promising company,” says David Feierstein, Co-Founder and Managing Partner of Ronin. New investors backing the GP-led secondary continuation vehicle include Partners Capital, which has more than $75 billion under management on behalf of institutions and family offices, among other investors. The Ronin team has also invested its own capital in the GP-led secondary.

Ronin created Due North in 2021 through the simultaneous acquisitions of leading North American refrigerated display brands QBD and Minus Forty; a transaction financed through Ronin’s balance sheet and co-investment from a range of investors.

“As an expanded group, AeriTek has even greater growth prospects,” says Jesse Yao, Ronin’s other Co-Founder and Managing Partner. “It’s one of the top players in the Americas, with strong recurring demand from replacement, parts and services. It’s got an even more attractive growth, margin and cash profile, with a more diversified customer base, in what remains a still fragmented market with a lot of global mergers and acquisitions opportunities.”

“Ronin’s out-of-the-box, two-step approach is a great example of the team’s flexibility engineering positive outcomes for buyers and sellers and getting deals done,” says Matt Swain, co-head of equity capital solutions at investment bank Houlihan Lokey. Houlihan Lokey arranged financing for Ronin’s GP-led secondary and for all Ronin investments.

In addition to the AeriTek secondary, since May of last year Ronin has made two platform investments. Although the names of the platform companies are undisclosed, one is a utility services provider, specializing in the repair, maintenance and construction of electrical distribution networks and substations; the other specializes in the repair and overhaul of commercial aircraft components for airlines and other industry players.

Since the first quarter of 2021, when it began investing, Ronin has deployed close to $400 million, including reserves for follow-on portfolio investment. The capital was committed to seven platform investments, and a total of 30 companies.

Ronin, in the midst of a growth push, will move its offices this month from 400 Fifth Avenue, at 36^th Street, to larger premises at 712 Fifth Avenue, at 56^th Street, above historic jeweller Harry Winston.

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 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 over 200 operating advisors in the consumer and industrials sectors. www.roninequitypartners.com

About Partners Capital
Founded in 2001, Partners Capital is a global investment office acting for distinguished endowments and foundations, senior investment professionals and prominent families across the globe. With over $75 billion in assets under management as of December 31, 2025, the firm constructs customized investment portfolios for its clients tapping into its deep network of partnerships with what it considers exceptional asset managers across all major asset classes. The firm employs more than 400 people across its nine offices located in Boston, London, New York, Dallas, Dubai, Hong Kong, Paris, San Francisco, and Singapore. www.partners-cap.com

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