Electrolux to buy coffee machines, beverage dispenser maker Grindmaster-Cecilware
02 March 2017
Swedish multinational home appliance manufacture Electrolux today struck a deal to buy US-based maker of coffee machines and beverage dispensers Grindmaster-Cecilware, for $108 million in cash.
The acquisition comes less than a month after Electrolux agreed to buy San Francisco-based precision cooker maker Anova Applied Electronics, for upto $250 million. (See: Electrolux to buy US-based precision cooker maker Anova Applied Electronics )
The Stockholm-based company said that the acquisition will broaden its offering in its food service business and will accelerate the growth of the Professional Products business area in the US market.
Grindmaster-Cecilware, majority-owned by private equity and venture capital firm BNY Mezzanine Partners, was created in 2009 through the merger of Grindmaster Corp and Cecilware Corp with the two companies having an over 100-year heritage.
The Louisville, Kentucky-based company Cecilware is a designer and marketer of beverage dispensing equipment for hot, cold, and frozen beverages and food service equipment.
It sells its products under the brands Grindmaster, Cecilware, Crathco, and American Metal War.
It has manufacturing facilities in Louisville and in Thailand, and employs around 200 people and had 2016 net sales of over $65 million.
''We are very pleased to complement our portfolio with such an attractive range of beverage products, as the combination better meets customer needs, especially among food service chains,'' said Alberto Zanata, head of Electrolux business area Professional Products.
''This move will also reinforce our presence in North America, one of the largest global markets for professional appliances,'' he added.