TORONTO — Due North announced its acquisition of MTL COOL on Sept. 19, further diversifying its product portfolio of refrigeration retail merchandising solutions. According to Due North, the acquisition will allow the company to serve the constantly evolving retail and food and beverage markets.
“We are recognized as a leading manufacturer of customized refrigeration systems for the North American food and beverage retail industry, serving small businesses and large national brands,” said Mark Bedard, president of MTL COOL. “We’re excited to become part of a powerful combination of brands under Due North. Combining our forces will lead to more opportunities for innovation and sharing of industry expertise and best practices, enriching our service offering and deepening customer relationships.”
Due North was founded by the merger of QBD and Minus Forty in August.
“With these three brands operating under Due North, our business is well positioned with both high-quality merchandising products and services,” said Troy Shannan, chief executive officer of Due North. “We now have the product reach to become the preferred choice for food and beverage brands and retailers. Our recent announcement of the creation of Due North reinforces industry confidence in our long-term plan to deliver advanced refrigeration solutions that provide value to our customers. We are committed to using all our resources and status to boost both our brand and the sales of the industries we serve.”
Financial details of the acquisition were not disclosed. MTL COOL’s revenue for fiscal 2022 was $22.5 million.
MTL COOL will continue to offer its products, which include inline horizontal open-air coolers, sliding glass lid coolers and freezers, and vertical open-air coolers, among other products. Through Due North, customers will have access to MTL COOL’s cooling retail solutions.
“With our team of highly experienced and passionate professionals, and a focus on the highest level of quality standards and product evolution, Due North companies have a demonstrated track record helping customers scale and grow their business,” said Julian Attree, chief strategy officer and chief commercial officer of Due North. “We are well positioned to deliver on our promise of building long-term customer relationships as we help provide unforgettable retail brand experiences for consumers.”
Due North’s customers span a variety of retail segments, including beverage, ice cream, vending, grocery, food service, convenience, pharmacy, pet food and more. According to the company, it is the No. 2 player in the North American refrigerated display market and is looking to expand in the United States, Europe and Latin America through multiple acquisitions.
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