Ronin Equity Partners acquisition of Minus Forty Group, QBD Group

Industry: Financial Services - Venture capital & private equity

On Aug. 20, 2021, New York based private equity firm Ronin Equity Partners, LLC ("Ronin") completed its simultaneous acquisition of the QBD Group and the Minus Forty Group, two North American manufacturers of commercial refrigeration equipment. Located in Toronto, both engage in the manufacture and distribution of freezers, coolers and refrigerated merchandising products. The sellers of the QBD Group and the Minus Forty Group will join the Ronin team and the brands will continue to be marketed under their own names.

Minus Forty is the industry’s largest provider of pet food coolers, and has developed product presentation coolers and freezers for the micro market and food industries using smart technology. QBD engages in beverage cooler sales and cost-efficient and customized refrigerated displays. QBD uses EPA-certified Energy Star products and environmentally friendly natural refrigerants. Ronin is a New York City based investment firm, and makes control equity investments exclusively in the industrial and consumer sectors.

These acquisitions mark Ronin's entry into the Canadian market, expands both Minus Forty and QBD’s reach into new sectors, leverages smart technology and creates possibilities for expansion in the U.S., European and Latin American markets.

The deal amount is undisclosed.

Bennett Jones LLP was Canadian counsel to Ronin, with a team led by
James Clare,
John Mercury,
Gordon Cameron,
and which included
John Lawless,
Xenia Wong,
Lucas Stevens-Hall,
Byron Tse,
Jessica Thrower,
Sydney Olsen,
Yohanna Laurensia,
Rita Cherevychko,
Zach Johnson (corporate),
James Morand,
Blake Haarstad (tax),
Mark Rasile,
Oliver Loxley,
Dom Sorbara,
Isabelle Lee,
Aylmer Wang (banking),
Sara Parchello,
Talia Bregman,
Haley Zerr (employment),
Dominique Hussey,
Benjamin Reingold (IP),
Jane Helmstadter,
Giovanna Campagna (real estate),
Kyle Donnelly (competition),
Sarah Gilbert (environmental), Susan Seller (pensions).

Katten Muchin Rosenman LLP was U.S. counsel to Ronin, with a team that included
Thomas Lamprecht (corporate),
John Huang (banking).

Aird & Berlis LLP was counsel to QBD Modular Systems Inc., QBD Cooling Systems Inc. and REDFAS Industries Inc., with a team that included
Liam Tracey-Raymont,
Martin Kovnats,
Jack Bernstein.

Minden Gross LLP was counsel to Minus Forty Holdings Corp. and Minus Forty Technologies Corp. and their affiliates, with a team that included
Brian Temins (corporate),
Frank DeLuca (corporate),
Eli Hoffman (corporate),
Melodie Eng (leasing),
Andrew Zinman (employment),
Michael Goldberg (tax).

Dickinson Wright LLP was counsel to JPMorgan Chase Bank N.A., the lender.


Bennett Jones LLP Katten Muchin Rosenman LLP Aird & Berlis LLP