RON Completes GP-Led Secondary Transaction in AeriTek to Support Expansion

Ronin Equity Partners completed a GP-led secondary acquisition of a minority stake in AeriTek Global, priced at $3.11 per share. - This transaction represents the second phase of a two-step strategy tied to Ronin's prior sale of Due North to AeriTek, designed to deliver liquidity. - The deal was facilitated by Houlihan Lokey and supported by Partners Capital, which manages over $75 billion, and Ronin's own capital was also invested.

Ronin Equity Partners has executed a significant strategic transaction involving AeriTek Global to advance its growth and value creation for investors. The GP-led secondary acquisition of a minority stake in AeriTek is part of a broader two-step strategy that includes the prior sale of Due North to AeriTek. This approach allows Ronin to crystallize value for existing investors while injecting new capital into the expanded business.

The transaction is structured to enhance time-weighted annualized returns for Due North investors and offer new investment opportunities in an expanded, diversified AeriTek. This strategy supports AeriTek's position as a leading refrigerated display case provider in North and South America.

Ronin's continued focus on strategic acquisitions and platform investments has led to the expansion of its portfolio across multiple sectors. AeriTek, formed in 2024 via a carve-out of brands Imbera and Torrey from FEMSA, has added strategic assets through acquisitions, including Federal Industries, LLC from Standex International Corporation.

What Is the Structure of the Transaction?

The transaction involves the sale of a minority stake in AeriTek Global at $3.11 per share. This follows Ronin's prior sale of Due North to AeriTek, forming a broader strategy to deliver liquidity to existing investors while injecting new capital into the expanded business.

This two-step strategy aims to provide liquidity for existing investors and introduce new capital to support AeriTek's growth. The structure of the deal includes strategic acquisitions and the use of continuation vehicles to create long-term value.

Partners Capital, which manages over $75 billion, supported the transaction, and Houlihan Lokey facilitated the deal. Ronin also invested its own capital into the transaction, demonstrating its confidence in AeriTek's future growth and diversification.

What Are the Implications for Investors?

This transaction is significant for existing investors in Due North, as it provides liquidity while allowing them to benefit from the continued growth of AeriTek. The secondary acquisition also offers new investors the opportunity to participate in a diversified and growing business.

For the broader market, the transaction demonstrates Ronin's innovative approach to value creation through strategic acquisitions and continuation vehicles. AeriTek is now among the top refrigerated display case providers in the Americas, with strong recurring demand and growth potential.

Ronin's strategy is expected to continue expanding its platform investments across industrial and consumer sectors. The company has deployed close to $400 million since its launch in 2021 and has demonstrated a consistent approach to value creation through strategic acquisitions.