The company behind catering equipment brands such as Cateraide and San Jamar is to change ownership after agreeing a $750m (£530m) cash sale to a private equity firm.
Carlisle Foodservice Products (CFS) has been snapped up by New York-based The Jordan Company in a deal that should be wrapped up before the end of March.
CFS, which made sales of $320m (£226m) last year, manufactures and markets professional-grade solutions for the restaurant, hospitality, healthcare, and janitorial segments.
Products for these focused markets include an array of foodservice permanentware supplies, table coverings, cookware, displayware, storage containers, catering and transport equipment, and meal delivery systems.
A year ago it acquired San Jamar, adding a robust complement of innovative products with a strong focus on food safety.
CFS also produces the most comprehensive line of janitorial, waste, and material handling product lines for both the foodservice and sanitary maintenance industries.
Chris Koch, president and CEO of the Carlisle Group, said: “The divestiture of FoodService is consistent with Carlisle’s vision of operating a portfolio of businesses with highly specialised, highly engineered manufactured products in strong growth markets.
“While we believe FoodService is a valuable asset with industry leading brands and a strong management team, the sale of CFS will allow Carlisle to focus on our core businesses, and result in a portfolio that is better aligned with our operating strengths. We regard the sale of CFS to The Jordan Company as an excellent opportunity for FoodService to optimise its long-term growth and profitability.”
The Jordan Company, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion (£5.6 billion).