Manitowoc Divesting Enodis Ice Business
Will sell operations group to Braveheart Acquistion
MANITOWOC, Wis. -- The Manitowoc Co. Inc., parent company of Manitowoc Foodservice, has announced that it has signed a definitive agreement to sell the Enodis plc global ice machine operations to Braveheart Acquistion Inc., an affiliate of Warburg Pincus Private Equity X LP, for $160 million.
The deal with Braveheart resulted in the sale of Scotsman, Ice-O-Matic, Simag, Barline and other ice machine and related businesses operated by subsidiaries of Enodis. Manitowoc Foodservice retains the Manitowoc Ice brand.
Manitowoc was required to divest the Enodis Ice Group [image-nocss] as a condition of the U.S. Department of Justice's and the European Commission's clearance of the Enodis acquisition finalized on Oct. 27, 2008. The sale is subject to the receipt of customary governmental and regulatory approvals and is expected to be completed in May 2009.
Manitowoc Foodservice designs, manufactures and supplies food and beverage equipment for the global foodservice market. With operations in the Americas, Europe and Asia, the company has a portfolio of best-in-class brands including Cleveland, Convotherm, Delfield, Fabristeel, Frymaster, Garland, Jackson, Kolpak, Kysor/Warren, Kysor Panel Systems, Lincoln, Manitowoc, Multiplex, Merrychef, Servend and Scotsman Beverage Systems.
The Manitowoc Co. Inc., Manitowoc, Wis., is a multi-industry, capital goods manufacturer. Along with foodservice equipment, it is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.