Stout announced today that its client, Spring (U.S.A.) Corporation (Spring), has been acquired by an affiliate of ShoreView Industries, a private equity firm based in Minneapolis, Minnesota. Stout served as exclusive financial advisor to Spring in connection with this transaction.
Spring, headquartered in Naperville, Illinois, is a leading designer and provider of innovative foodservice equipment for the hospitality sector. The Company supplies high-profile, highly decorative yet functional solutions to leading hotels, stadiums, private clubs, cruise ships and restaurants throughout North America, Europe, and Asia. Spring had been majority owned by its corporate parent since 2015.
Mr. Nick Jachim, Managing Director and Head of Investment Banking at Stout, said, “Spring has a long history of innovation through end-user driven product development and strong brand recognition. It was a pleasure working with the Spring team on this important transaction.”
Mr. Gian Ricco, Senior Vice President at Stout, said “Spring’s President and Founder, Mr. Tom Brija, has successfully transitioned the Company from a small supplier of specialty cookware to a value-added provider of foodservice equipment specializing in induction technology. Spring is well positioned to continue to build upon Tom’s accomplishments with ShoreView.”
Messrs. Carl Kugler and Adam Konrad of Reinhart Boerner Van Deuren acted as counsel to Spring’s corporate parent, and Mr. William Strons of Huck Bouma acted as counsel to Spring’s management.
Stout’s Investment Banking group provides mergers and acquisitions (M&A) advice, private capital raising, and other financial advisory services for private equity portfolio companies, closely held or family owned businesses, and divisions of large corporate parents. Stout’s dedicated Food and Beverage industry practice includes experience with companies across the entire value chain, including packaged/manufactured, baked/snack, dairy, beverage, ingredients, distribution, and equipment. For more information, please visit the Food and Beverage page.