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Fredericks Michael & Co. advised Ingersoll-Rand in the divestiture of its European commercial refrigeration equipment business, Koxka
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The sale included two Koxka manufacturing facilities in Spain; one specialized in the production of remote and plug-in refrigerated display cases, reach-in freezers and refrigerators; the second produces key components for refrigeration applications and heat exchangers. Koxka sells through company-owned sales branches and through a broad network of distributors. The business employs approximately 460 people and 2010 full year revenues are expected to approximate $80 million.
“This transaction represents another important step in the realignment of our product portfolio and manufacturing capacity as we accelerate productivity initiatives in our core businesses,” said Sean McBride, Vice President of Strategy and Business Development at Ingersoll-Rand’s Climate Solutions sector. Added McBride, “Fredericks Michael & Co. was instrumental in running an efficient and competitive process and in structuring, executing and closing a transaction whose results exceeded our expectations.”
AIAC Group companies manufacture and sell electronic refrigeration, cooking and food processing equipment including compressors sold under the Cubigel™ brand. Its companies have industrial expertise that includes electronic circuit boards, metal stamping, extrusion, casting, sintering, forging, rolling, precision machining, fabrication, rapid prototyping, injection molding and assembly of complex components and end products for customers worldwide. AIAC is a group of 35 manufacturing facilities with more than 5,100 employees in 13 countries in North America, the European Union, and Asia. Total 2009 annual group revenues were approximately $1 billion.
The acquisition of Koxka reflects AIAC’s intention to build upon its electronic refrigeration, cooking and food processing equipment businesses. With its strong manufacturing and distribution channels throughout Europe and the Middle East, Koxka advances AIAC’s leadership, particularly in Spain, and extends AIAC’s procurement synergies in compressors and other components.
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For over 25 years, Fredericks Michael & Co. has served as financial advisor to large corporations, private and family-controlled businesses, and financial sponsors seeking to execute cross-border mergers, acquisitions, divestitures and strategic alliances in Europe, the Americas and Asia. In addition to its extensive expertise in all aspects of cross-border transactions, FM&Co.'s private ownership, its commitment to service and confidentiality, its approach towards developing long term relationships are key factors for being selected as an advisor on M&A transactions. With offices in New York and London, FM&Co. offers its clients the critical knowledge, cross-cultural understanding and industry relationships needed to carry out transactions in a time efficient, thorough and discreet manner.
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