CFS Brands, the owner of industry brands such as Carlisle, San Jamar and AyrKing, has acquired Spanish catering equipment supplier Araven.
Araven, which is headquartered in Zaragoza, will provide its new owner with access to a wide range of commercial-grade food preservation, storage and serving products.
The deal sees private equity firm GED Capital relinquish the 90% stake it bought in Araven back in 2017.
Since then, it has invested in product and commercial development, as well as internationalisation, taking Araven’s turnover to €20m ($22m) last year.
Araven’s products are now sold in more than 75 countries, with overseas sales accounting for 65% of its bsuiness.
Trent Freiberg, CEO of CFS Brands, said: “While their products are sold around the globe, Araven is a clear leader in the European foodservice market and has established an incredible reputation within the hospitality industry and with culinary professionals.
“The acquisition of Araven Hospitality-Foodservice further enhances our unique value to our customers by providing the largest breadth and depth of high-quality and innovative products.”
The deal does not include the Shop&Roll division, which makes baskets, trolleys and visual merchandising solutions for retailers and is projected to generate sales of €48m ($52m) this year.
Rafael Lopez Armenta, managing partner of buy-out at GED Capital, said: “We are very proud that a US global like CFS Brands has recognised all the value we have added to Araven since our acquisition in 2017.
“This operation will help Araven continue to grow significantly and consolidate Zaragoza as a platform from which CFS Brands will drive much of its European business and the future growth of the multinational.”
CFS Brands is itself owned by a private equity company, TJC.
