The 114-year-old, Conyers, Ga.-based company offers cooking equipment, refrigeration, cleaning systems, ventilation, and meal-distribution systems through its Groen, Randell, Avtec, Power Soak and CapKold brands, and operates manufacturing and R&D facilities in Michigan and Mississippi. “This transaction is in line with our strategy to grow our presence in the U.S. market, as well as our focus on foodservice chains,” said Alberto Zanata, President and CEO of Electrolux Professional.
Electrolux Professional has entered into an agreement to acquire Unified Brands Inc.—a U.S.-based manufacturer of foodservice equipment—and related assets. The acquisition will strengthen Electrolux Professional’s presence in the United States and supports Electrolux Professional’s focus on growth with the foodservice chains.
Electrolux Professional will acquire Unified Brands for approximately $244 million on a cash and debt-free basis—including certain tax benefits—subject to customary post-closing adjustments, from Dover Corporation, a U.S.-based diversified global manufacturer and solutions provider.
“We are very excited to announce this transaction, which is in line with our strategy to grow our presence in the U.S. market as well as our focus on foodservice chains,” said Alberto Zanata, President and CEO of Electrolux Professional. “Unified Brands has a very attractive portfolio of products and brands. With its strong local market recognition, customer relations, presence in chains, and local manufacturing capabilities, this acquisition will significantly strengthen our position in the U.S. I am also pleased that the management team of Unified Brands has agreed to stay in their roles.”
Unified Brands, founded in 1907, has approximately 600 employees and is based in Conyers, Ga. Unified Brands is expected to generate approximately $135 million in revenue in 2021. It operates two manufacturing and R&D facilities, one in Weidman, Mich. and one in Vicksburg, Miss. The company and its Groen, Randell, Avtec, Power Soak and CapKold brands offer cooking equipment, refrigeration, cleaning systems, ventilation, and meal distribution systems.
Closing is expected to take place during the fourth quarter of 2021, subject to customary regulatory approvals. Following the acquisition, Unified Brands is expected to operate as it does today and will be reported as part of Electrolux Professional’s Food & Beverage segment.
The acquisition is financed by internal funds and existing bank and credit lines.
Tell Us What You Think!
You must be logged in to post a comment.