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

The Gellert Global Group Acquires Heartisan Foods from Ronin Equity Partners and Landon Capital Partners

April 14, 2025

Food & Beverage

The Gellert Global Group has acquired Barron, Wisconsin‑headquartered Heartisan Foods, a manufacturer and distributor of branded and private‑label specialty and flavored cheeses, from Ronin Equity Partners and Landon Capital Partners. The acquisition consolidates Heartisan's Red Apple, Barron County Cheese and other assets with Gellert’s Atalanta platform to expand the buyer’s presence in the U.S. specialty cheese market.

Heartisan Foods Acquires North Country Packaging

September 8, 2023

Food & Beverage

Heartisan Foods, a Ronin Equity Partners-backed specialty cheese platform, has acquired North Country Packaging, a Barron County maker of cheese spreads and curds. The deal will triple Heartisan's manufacturing capacity, expand fulfillment for its Cheese Brothers e-commerce brand, and support new product launches; North Country co-founders Kendall and Maria Goossen will retain a meaningful stake in the combined business.

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

September 7, 2021

Manufacturing

Ronin Equity Partners has acquired two Greater Toronto–area manufacturers of commercial refrigeration equipment, QBD and Minus Forty, in a $230 million transaction. Ronin will merge the businesses as a platform for buy-and-build consolidation in the fragmented refrigerated display market, with several institutional and family-office co-investors participating.

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.

Ronin Equity Partners Creates Lotus Beverage Alliance by Merging Six Craft Beverage Equipment Suppliers

April 20, 2023

Manufacturing

Ronin Equity Partners formed Lotus Beverage Alliance through the simultaneous merger of six U.S. craft beverage equipment suppliers — Alpha Brewing Operations, GW Kent, Twin Monkeys, Stout Tanks and Kettles, Brewmation, and Automated Extractions — in a transaction valuing the combined group at about $100 million. Ronin owns the majority of the new platform (Lotus Beverage Alliance), which will operate as an end-to-end supplier for craft beer, wine, RTD, coffee, kombucha and other beverage producers and is positioned for further add-on acquisitions with pre-arranged financing available.

Spartaco (Platte River Equity Portfolio) Acquires Ronin Revolution Corp.

August 8, 2023

Manufacturing

Spartaco Companies, a portfolio company of Platte River Equity, has acquired Ronin Revolution Corp., a Placentia, California manufacturer of battery-powered ascenders and climbing accessories. The acquisition adds Ronin's powered ascenders to Spartaco's portfolio of professional-grade tools to expand capabilities and accelerate Ronin's growth across telecommunications, utility, arborist and military end markets.