Ronin Equity Partners Acquires QBD and Minus Forty to Create Refrigerated Display Platform

AeriTek (Mill Point Capital) Acquires Due North (Minus Forty QBD Corp)

September 29, 2025

Manufacturing

AeriTek Global Holdings (a portfolio company of Mill Point Capital) has acquired Minus Forty QBD Corp, doing business as Due North, combining AeriTek’s Imbera and Torrey businesses with Due North’s QBD and Minus Forty brands to create a scaled North American manufacturer and distributor of refrigerated display cases. Ronin Equity Partners, which formed Due North in 2021, is exiting the investment as part of the transaction and intends to run a GP-led continuation vehicle to bring in new minority investors in the expanded group.

Nordic Cold Chain Solutions Acquires Minus Works Inc.

October 1, 2024

Packaging

Nordic Cold Chain Solutions has acquired Minus Works Inc., a U.S. manufacturer of sustainable cold-chain gel packs and proprietary freezing technology. Nordic will assume control of Minus Works' Long Island facility, build a new manufacturing site in Pottstown, Pennsylvania, and expand operations in Reno, Nevada to scale the company's eco-friendly cold-chain solutions nationwide.

Ronin Equity Partners Acquires Red Apple Cheese, Barron County Cheese and Cheese Brothers to Build Specialty Cheese Platform

June 7, 2021

Food & Beverage

Ronin Equity Partners acquired Red Apple Cheese, Barron County Cheese and Cheese Brothers and combined them into a newly created, vertically integrated platform to consolidate the U.S. specialty cheese and charcuterie market. The group will operate as an omni-channel platform—combining manufacturing, co-packing and e-commerce—while existing management and founders retain significant stakes and Ronin provides operational and roll‑up expertise.

Due North Acquires MTL COOL

September 19, 2022

Manufacturing

Due North, the operating platform backed by Ronin Equity Partners, has acquired Canadian refrigerated merchandiser manufacturer MTL COOL. The acquisition expands Due North's product portfolio and consolidates refrigerated retail display capabilities across grocery, convenience and food & beverage customers; MTL COOL reported C$30 million in fiscal 2022 revenue.

Ronin Equity Partners Creates DK2 Platform with Acquisitions of DK2, SnowBear and Currahee Trailers

June 14, 2022

Manufacturing

Ronin Equity Partners acquired and merged three manufacturers — DK2, SnowBear and Currahee Trailers — to create a North American platform operating under the DK2 name focused on outdoor power equipment and utility trailers. The combined group, backed by co-investors and LPs (including Harvey & Company, Stephens Capital Partners, Northwood Ventures and Knott Partners), will pursue a buy-and-build strategy to scale manufacturing, expand distribution (including major home-improvement channels) and fund further add-on acquisitions.

Lineage Logistics Acquires Ontario Refrigerated Services to Launch Canadian Platform

July 23, 2020

Logistics & Distribution

Lineage Logistics signed a definitive agreement to acquire Ontario Refrigerated Services, a family-operated cold storage provider with four facilities in the Greater Toronto market, marking Lineage's entry into Canada. The deal, made in partnership with CapCold Group Inc. (formed by Robert and Patrick Molyneux), adds ~510,000 sq ft (16.2 million cubic feet) and ~100,000 pallet positions of refrigerated capacity; financial terms were not disclosed.