Orangewood Partners (“Orangewood”), a private investment firm focused on business services, franchise, and multi-unit businesses, today announced that it has acquired a majority interest in Refrigerated Solutions Group (“RSG”), a leading manufacturer of commercial walk-in coolers, freezers, and refrigeration systems serving the foodservice, retail, and scientific end markets. RSG will serve as the foundational investment of THRM, Orangewood’s newly established platform focused on acquiring, building and improving technology in foodservice equipment and services businesses. Dave Brewer, former Executive Vice President and COO of Middleby, is partnering with Orangewood in establishing the THRM platform.
Orangewood’s investment thesis for commercial refrigeration was led by Jake Brewer, Managing Director of Portfolio Company Operations. The thesis focuses on long-term trends including off-premises food preparation, labor shortages, rising operating costs, evolving food safety requirements, and rising demand for automation across commercial kitchens. In developing the thesis, Orangewood drew on its experience owning and operating more than 400 quick service restaurants. Orangewood sourced RSG outside of an auction process, with existing shareholders retaining a meaningful ownership stake to support the company’s next phase of growth.
As the foundational investment of THRM, RSG provides operational scale and industry experience from which Orangewood intends to build a broader commercial foodservice equipment and services platform. Through THRM, Orangewood plans to accelerate organic growth, pursue strategic acquisitions and expand into adjacent products, services, and technology solutions.
“The commercial foodservice equipment industry is a market with a large number of independent operators, and we see a real opportunity to build a platform that brings together strong businesses with complementary products and customer relationships,” said Dave Brewer, Founder and Chairman of THRM. “RSG gives us an excellent starting point to build from, with outstanding brands, manufacturing expertise and longstanding relationships across the foodservice industry. I’m excited to partner with Orangewood and the RSG team as we invest in the business and pursue opportunities to expand the platform.”
Grant Palmer, Managing Director of Orangewood Partners, said, “RSG is an established operator in commercial refrigeration, with in-house manufacturing, well-known brands and a long-standing customer base. RSG provides the foundation for THRM, the platform we are establishing together with Dave Brewer and the RSG team.”
To support the THRM platform, Orangewood has assembled a dedicated leadership team. In addition to Dave Brewer, Chris Duffy, former President of Middleby’s Coffee Solutions Group, will serve as Chief Executive Officer of THRM. Chuck Sonsteby, current Board of Directors member at Darden and former CFO of Brinker International, has also joined the Board of Directors of THRM.
“Our vision for THRM is to build a scaled platform of businesses serving the commercial foodservice equipment industry,” Duffy said. “RSG provides a strong foundation for that strategy with its respected brands and in-house manufacturing pipeline and service capabilities. We’re excited for RSG to expand its presence in this highly fragmented market and continue to scale the THRM platform.”
Aaron Brown will continue to serve as Chief Executive Officer of Refrigerated Solutions Group. “Over the past several years, our team has strengthened RSG’s operations and deepened relationships with customers across our end markets,” Brown said. “We are excited about this next chapter for the business and the opportunity to continue investing in our brands, our service capabilities, people and new avenues for growth.”
XMS Capital Partners served as exclusive financial advisor and Bryan Cave Leighton Paisner LLP served as legal counsel to Orangewood Partners. Hennepin Partners served as exclusive financial advisor to RSG.
ABOUT ORANGEWOOD PARTNERS
Orangewood Partners is a private investment firm that partners with founders to build lower-middle market businesses across business services, franchise, and multi-unit businesses. The firm takes a long-term, operationally focused approach to its investments. The firm was founded in 2015 and is headquartered in New York City. For more information, visit www.orangewoodpartners.com.
ABOUT RSG
Headquartered in Hudson, Wisconsin, RSG manufactures, services, and provides parts for commercial refrigeration solutions under the Master-Bilt and Norlake brands, serving many of the world’s leading restaurant, retail, and scientific customers. The company operates two manufacturing facilities in Hudson and New Albany, Mississippi, employs approximately 500 people, and is recognized for its engineering capabilities, customized product offerings, and long-standing customer relationships.
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