Electrolux announced on Thursday it has acquired Grindmaster-Cecilware, a leading US-based manufacturer of hot, cold and frozen beverage dispensing equipment. The acquisition broadens Electrolux offerings in the foodservice business and, according to the company, will accelerate the growth of its Professional Products line.
Cash consideration in the transaction was listed at $108 million for Grindmaster-Cecilware, which employs nearly 200 people and had net sales in excess of $65 million in 2016.The company was created in 2009 through the combination of Grindmaster Corporation and Cecilware Corporation.
"We are very pleased to complement our portfolio with such an attractive range of beverage products as the combination better meets customer needs, especially among foodservice chains," said Alberto Zanata, head of Electrolux Professional Products. "This move will also reinforce our presence in North America, one of the largest global markets for professional appliances."
Electrolux Professional, part of the Electrolux Group, offers foodservice and laundry solutions for professional users.