ShoreView Announces Sale of Cornerstone Foodservice Group

NAPERVILLE, Ill.–(BUSINESS WIRE)–The Partners of ShoreView are pleased to announce the sale of Cornerstone Foodservice Group (“CFG”).

ShoreView partnered with CFG in September 2016. At that time, the company, formerly known as Spring (U.S.A.) Corporation, was a designer and provider of small foodservice equipment for the hospitality sector. The company was owned by a consumer-focused conglomerate that was carving out the business segment due to a lack of fit with its home, garden, and outdoor consumer products. ShoreView structured a transaction that:

• Provided liquidity to the conglomerate and allowed them to focus on their core strategy
• Created a succession plan for current management by partnering with an industry executive to become CEO—allowing the incumbent leader to transition out on the day of closing
• Created an equity incentive plan for key managers
• Provided ample financial resources to support multiple acquisitions

Over the next nine years, ShoreView worked with CFG management to:

• Hire a new senior leadership team to execute a strategic plan
• Significantly grow the financial performance through internal investment and an aggressive acquisition program
• Complete four add-on acquisitions, diversifying the Company’s end markets and expanding its product offerings

Through organic initiatives and add-on acquisitions, CFG transformed into a leading designer, manufacturer, and distributor of small commercial foodservice equipment, induction and ventless solutions, sneezeguards, and premium pizza pans and bakeware for the restaurant, hotel, convenience and grocery, and bakery industries. ShoreView exited its investment to a strategic investor.

If you are interested in speaking with ShoreView about platform or add-on investment opportunities, please contact Garrett Davis at [email protected].

About CFG:

Cornerstone Foodservice Group is a global leader in foodservice equipment, offering a diverse portfolio of brands known for innovation, quality, and design. Headquartered in Naperville, Illinois, CFG supports foodservice operations worldwide with manufacturing facilities across the United States. The Cornerstone Foodservice Group family includes Spring USA, Equipex, LloydPans, Astra, and Versa-Gard. For more information about the company, please visit https://cornerstonefoodservicegroup.com/

About ShoreView:

Founded in 2002, ShoreView is a Minneapolis-based private equity firm that has raised over $1.8 billion of committed capital across five funds. ShoreView partners with family and entrepreneur-owned companies across many sectors, including niche manufacturing, value-added distribution, business services, residential services, industrial services, and aerospace/defense. Shoreview structures various acquisition, recapitalization, and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.

Contacts

[email protected]