Stout served as the exclusive financial advisor to Arctic Fox LLC, a portfolio company of Spell Capital Partners, LLC, in connection with its sale to North River Capital, LLC, a privately held equity capital firm. Arctic Fox, based in Delano, MN, is a leading, global supplier of proprietary fuel and fluid-heating products, heating systems, and related components primarily for original equipment manufacturers in the heavy truck, off-highway equipment, oil and gas, power sports, and other industrial markets.