Ronin Equity Partners Sells Due North to AeriTek Global, Forming North America’s Leading Refrigerated Display Group
Ronin Equity Partners has finalized the sale of its refrigerated display platform, Minus Forty QBD Corp—known in the market as Due North—to AeriTek Global Holdings LLC. The move marks a major consolidation within the refrigeration industry and is expected to create one of the largest and most diversified manufacturers and distributors of refrigerated display solutions in North America.
As part of the transaction, Ronin also announced plans to establish a General Partner-led continuation vehicle, which will allow new investors to acquire an undisclosed minority stake in the expanded enterprise. This structure will enable existing investors to realize returns on their initial commitment while providing them—and incoming investors—continued exposure to the long-term growth potential of the newly combined group.
Building a Refrigerated Display Powerhouse
The combined entity brings together four of the refrigeration industry’s most recognized and respected brands. AeriTek contributes Imbera and Torrey, both leaders in commercial refrigeration across global markets, while Due North brings its strong QBD and Minus Forty businesses. Together, these companies will create what industry leaders are calling a refrigerated display powerhouse with an enhanced market footprint, diverse product portfolio, and significantly scaled operations.
“This transaction brings together four of the most respected brands in the refrigeration industry,” said David Feierstein, managing partner at Ronin. “Our continuation vehicle allows us to deliver attractive returns to our investors four years after building Due North, while also enabling them to participate in the strong growth trajectory of this much larger, combined business.”
Ronin’s other managing partner, Jesse Yao, added that the deal represents a clear strategic win. “By partnering with AeriTek, we are creating a scaled platform in a fragmented sector—one with higher margins, robust growth potential, and a stronger competitive position. This type of combination is exactly the kind of operational transformation we focus on at Ronin.”
The Origins of Due North
Ronin originally created Toronto-based Due North in 2021 through the simultaneous acquisitions of QBD and Minus Forty. The deal was funded through Ronin’s balance sheet along with co-investments from Northleaf Capital Partners, Stephens Capital Partners, Northwood Ventures, and Sope Creek Capital, among others.
From the outset, Ronin followed its hands-on investment model. Yao himself stepped in as chief financial officer of Due North for over six months following the acquisition, ensuring operational stability and integration. Under Ronin’s ownership, Due North achieved significant revenue growth, driven by a unified sales strategy, cross-selling across product lines, and expansion into new sectors and product categories.
AeriTek’s Emergence and Strategic Fit
AeriTek Global Holdings was formed in late 2024 through a corporate carve-out transaction. Since its inception, it has pursued a growth strategy focused on refrigeration and related technologies. The addition of Due North will accelerate that vision, positioning the group as one of the largest manufacturers of self-contained retail refrigerated display cases in North America.
Leadership continuity will also play a critical role in ensuring the success of the new group. Troy Shannan, CEO of Due North and formerly an operating advisor to Ronin, along with his management team, is expected to assume important roles within the combined company. Their expertise and operational track record will be essential in driving the integration of the two businesses.
Expanding Market Reach
The new AeriTek-Due North platform will serve a broad and diverse customer base across multiple retail channels. These include beverage companies, ice cream brands, pet food suppliers, vending operators, grocery chains, food service providers, convenience stores, fast food restaurants, and pharmacies. By uniting sales forces and leveraging complementary product lines, the group will be better positioned to capture share in these growing markets.
On a pro forma basis, the merged entity is projected to benefit from enhanced economies of scale, cross-selling opportunities, and an expanded customer reach. This combination is expected to yield stronger profit margins and provide greater resilience in a competitive and fragmented industry.
Transaction Advisors
The transaction was supported by several legal and financial advisors. Katten Muchin Rosenman and McCarthy Tétrault acted as legal counsel to Ronin and Due North, while Robert W. Baird served as exclusive financial advisor to Due North. In addition, Houlihan Lokey will advise Ronin in connection with the continuation vehicle.
About Ronin Equity Partners
Headquartered in New York City, Ronin Equity Partners is a new type of investment firm built around an operationally focused value-creation strategy. The firm specializes exclusively in the industrial and consumer sectors, where its partners have deep expertise.
Ronin targets businesses with strong cash flows and proven fundamentals, where its playbook of hands-on operational involvement can generate significant additional value. The firm is known for embedding its professionals into portfolio companies as interim executives to strengthen back-office functions, build scalable infrastructure, and integrate acquisitions. This approach allows company leadership to focus fully on driving growth.
Founded in 2019 by David Feierstein and Jesse Yao, both veterans of Kraft Heinz, NCR, and Diversey, Ronin is supported by a network of more than 200 operating advisors. Since beginning active investment in 2021, Ronin has completed several platform acquisitions spanning more than 30 companies.
