The Manitowoc Company, Inc., parent company of Manitowoc Foodservice, signed a definitive agreement to sell the Enodis global ice machine operations to Braveheart Acquistion Inc., an affiliate of Warburg Pincus Private Equity X, L.P., for $160 million.
The deal with Braveheart Acquisition Inc. resulted in the sale of Scotsman, Ice-O-Matic, Simag, Barline, and other ice machine and related businesses operated by subsidiaries of Enodis plc.
Manitowoc was required to divest the Enodis Ice Group as a condition of the U.S. Department of Justice’s and the European Commission’s clearance of the Enodis acquisition finalized on October 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 retains the Manitowoc Ice brand, America’s No. 1 selling ice machine.
