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Sep 28, 2021

Ronin Equity Partners Acquires Minus Forty Group, QBD Group

Jack Bernstein, Martin Kovnats and Liam Tracey-Raymont

On August 20, 2021, Ronin Equity Partners, LLC ("Ronin"), a New York-based private equity firm, completed its simultaneous acquisition of the QBD Group and the Minus Forty Group, two North American manufacturers of commercial refrigeration equipment, including freezers, coolers and refrigerated merchandising products. The sellers of the QBD Group and the Minus Forty Group will join the Ronin team and the brands will continue to be marketed under their own names.

These acquisitions mark Ronin's entry into the Canadian market, expanding Minus Forty and QBD’s reach into new sectors, leveraging smart technology and creating opportunities for expansion in the United States, European and Latin American markets. 

Aird & Berlis acted as counsel to QBD Modular Systems Inc., QBD Cooling Systems Inc. and REDFAS Industries Inc., with a team that included Jack Bernstein, Martin Kovnats, Liam Tracey-Raymont.

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