• Wed. Sep 28th, 2022

Due North acquires refrigerated display case manufacturer MTL CoolVending Times

ByRandall B. Phelps

Sep 20, 2022

Image courtesy of Due North.

Due North, the newly created operating company of QBD and Minus Forty, has acquired MTL Cool, a supplier of commercial refrigerated display cases, according to a press release.

Under Due North, MTL Cool will continue to offer inline horizontal open top coolers, horizontal sliding glass top coolers and freezers, vertical open top coolers and end cap solutions.

Due North was established in 2021 by Ronin Equity Partners, who simultaneously acquired and merged QBD and Minus Forty into a consolidation platform in the North American refrigerated display case industry. The Company supports its customers in retail segments including beverage, ice cream, pet food, vending machine, grocery store, food service, convenience store, QSR, drug store, etc.

“Combining our strengths will lead to more opportunities for innovation and sharing expertise and industry best practices, enriching our service offering and deepening relationships with our customers,” said Mark Bedard, President of MTL Cool, in the press release.

MTL Cool’s revenue for fiscal 2022 was C$30 million ($22.5 million). The combined group has annual sales of C$200 million ($150 million),

Retail refrigeration merchandising companies Minus Forty Technologies Corp. and QBD merged into a single operating company, Due North, in August.