Cecilware Corporation, a beverage and foodservice equipment provider, announced that it acquired Grindmaster Corporation, player in the global beverage equipment industry. The new entity will be known as Grindmaster-Cecilware Corporation.
Grindmaster’s brands and product lines include Grindmaster’s Coffee Grinders, Crathco’s Cold and Frozen Beverage Dispensers, Espressimo Espresso Machines, and Precision Brew Coffee Brewers & Coffee Urns. The transaction was funded on an equity basis by BNY Mezzanine Partners L.P. The specific terms of the transaction were not disclosed.
“As part of our continued strategy to further expand our innovative product offering and geographic reach, we believe the addition of Grindmaster marks a pivotal step in the history of our company,” says Richard Moore, CEO of the new Grindmaster-Cecilware group. “This acquisition will allow us to offer more high-quality products and services to more customers throughout the world who have come to rely on Cecilware and Grindmaster beverage and foodservice equipment. Grindmaster’s broad portfolio will provide immediate opportunities to enhance growth through leveraging our existing marketing and manufacturing capability. We look forward to working with the Grindmaster professionals in Louisville, Northbrook, and Thailand and across the world to successfully capitalize on this exciting opportunity.”
“We are very excited about this opportunity to join forces with a very well-respected organization in Cecilware. This will allow us to enhance our resources and take advantage of the many strengths that both companies have to offer,” says Rob Poe, COO of Grindmaster. “Our global customer base will benefit from the economies of scale and the extensive product portfolio the combined entity has to offer. Our commitment to customer satisfaction and product quality will only improve from this and we look forward to moving ahead with our team in a very positive direction.“
“We are firmly convinced that this opportunity and the joining of corporate interests will provide a solid base for the company to support our global customer market on an efficient, cost-effective, and competitive basis,” says Joe Canova, chief financial officer of the Grindmaster-Cecilware group. “We look forward to working with each member of our new joint team and further extending a unified global presence in the beverage and food service market.
“I am excited about the opportunity to combine two strong brands under the umbrella of one dynamic company,” says Lisa Klein, Grindmaster’s senior vice president of global sales and marketing. “We will continue to focus on the needs and opportunities of our global customer base, emphasizing our expanded ability to meet the complete beverage and food preparation needs of all customers.”
The combined company, with locations in New York, Kentucky, Illinois, and Thailand, and over 375 employees will have the ability to better service a broader range of customers with more sales and customer service personnel; and an enhanced ability to service national and international chain accounts.