D Cubed Group Acquires Hill Phoenix’s Walk-Ins Business and Kysor Panel Systems Forming KPS Global
By Business Wire News
By Business Wire News
D Cubed Group LLC, a private market investment group that invests in mid-size businesses on behalf of highly successful executives, announced today that it acquired Hill Phoenix’s Walk-Ins business from Dover Corporation (NYSE: DOV) and Kysor Panel Systems from The Manitowoc Company, Inc., (NYSE: MTW). The two transactions create a new, private company named KPS Global, headquartered in Fort Worth, Texas, with combined annual revenues of over $200 million (of which $95 million is from Hill Phoenix’s Walk Ins business) and more than 600 employees. D Cubed is joined in the acquisition by other industry veterans, strategic investment partners and the KPS Global management team.
“This transaction recognizes the strength of two industry leaders with similar product lines and customer-oriented sensibilities,” said Glenn Kaufman, managing director of D Cubed, who has been involved with the retail and foodservice industries for almost 20 years. “The walk-in industry has never had a singularly focused and independent company with the level of committed financial and human resources as exists in KPS Global.”
“KPS Global now has the long-term orientation as well as one center of gravity to deliver for the customers in every respect,” continues Kaufman. “KPS Global is a stunning package of assets. Both companies are recognized for having high-quality manufacturing. Both have an industry-leading field tech network. Both serve a national customer base of Blue Chip companies. Most importantly, both have extremely dedicated employees. And now KPS Global has the size and scale to drive service levels to an even greater level as well as to innovate and invigorate.”
According to Kaufman, KPS Global management is a blended leadership team with more than 200 years of industry knowledge. Upon acquisition, the two teams of senior executives will not only merge in business functioning, but also become employee-owners. Jack Bowling, previously with Kysor Panel Systems, is becoming its chief executive officer.
“I believe we have created a world class organization with a laser focus on walk-in solutions,” said Bowling. “We have done it with the backing of a partner who represents long term-oriented business people. It’s the perfect combination of assets, products and services. There is no shortage of opportunity for this new company. But make no mistake; our current focus is on the customer in the same way as these two teams have focused for many years. Customer experience will not be interrupted and all of the same people will make sure exceptional service is delivered.”
“One of KPS Global’s most powerful elements is the resources in and around it,” said Bowling. KPS Global assumes operation of five manufacturing and warehousing facilities. According to Bowling, these facilities are strategically located from coast to coast to promote consistency and capacity. “Over time, our combined 500,000 square feet of manufacturing and warehousing capability will produce interchangeable, highly-engineered product.”
“And while we are all focused on customer experience, over time, KPS Global will deliver greater service levels, technology and innovation,” continued Bowling. “In 2016, for example, we will launch a next-generation configuration software tool that will dynamically scope customer projects. This field tool will deliver highly accurate data — from initial discussion to onsite design to precise quote and ultimately to final build drawings — in record time and with reduced error. And that’s just the beginning of our innovation goal.”
“We recognize that already today these two companies are incredibly high performers. As is the focus of D Cubed and our investors, we will support the team in building and extending on KPS Global’s strengths to create an enterprise that is long term great,” said Kaufman.