SALEM, N.H. — Standex International Corp. has entered into an agreement to sell Refrigerated Solutions Group (RSG), part of its foodservice equipment segment, to Ten Oaks Group for $11 million in cash.
RSG manufactures refrigerated cabinets and walk-ins for the foodservice and retail markets. The segment's NorLake and Master-Bilt brands are based in Hudson, Wis., and New Albany, Miss., respectively.
Charlotte, N.C.-based Ten Oaks focuses exclusively on corporate divestitures.
The companies said they expect the transaction to close in second-quarter 2020 and is subject to customary closing conditions.
“With today's announced sale of RSG, we continue the simplification of our portfolio that began with the divestiture of the cooking business in early 2019,” said President and CEO David Dunbar. “This step enables us to focus more clearly on those of our businesses which have higher growth and margin profiles. These strategic businesses win in the marketplace by partnering with customers to solve their application needs with differentiated custom solutions. As a result, we expect the remainder of our business to exhibit a stronger financial profile.”
“Going forward, we will continue to utilize our strong balance sheet and invest our management and financial resources to drive profitable growth in these core businesses through execution on an active pipeline of both organic and inorganic opportunities,” Dunbar said.
Salem, N.H.-based Standex is a multi-industry manufacturer in five broad business segments: engraving, electronics, engineering technologies, hydraulics and foodservice equipment.