Naperville, IL – Cornerstone Foodservice Group (“Cornerstone” or “CFG”), a portfolio company of ShoreView Industries, has been acquired by CFS Brands, a portfolio company of TJC. Hennepin Partners served as the exclusive financial advisor to ShoreView Industries and Cornerstone. Terms of the transaction were not disclosed.
Cornerstone is a global leader in foodservice equipment serving both front- and back-of-house applications through a portfolio of established, innovative brands. The acquisition strengthens CFS Brands’ already robust portfolio of quality-focused foodservice brands to include Spring USA induction cooking & buffet equipment & custom banquet furniture; LloydPans pizza pans, baking pans, and accessories; Versa-Gard food protection systems; Equipex countertop cooking & finishing equipment, ventless hoods, Roller Grill and Adventys products; and Astra espresso machines, and steamers. Headquartered in Naperville, Illinois, with manufacturing operations in Spokane, Washington; Providence, Rhode Island; and Morrow, Georgia, CFG brings strategic capabilities, diverse product lines, and service expertise to foodservice operations worldwide.
“Cornerstone Foodservice Group has built an incredible collection of well recognized brands with a reputation for exceptional quality, design, and innovation,” said Trent Freiberg, CEO of CFS Brands. “Cornerstone joins a portfolio of businesses and brands that are leaders in their respective markets. The combination of CFG and CFS Brands will give customers even further access to the broadest and deepest line-up of products and solutions to enhance their business. We are excited to work with the leadership team at Cornerstone Foodservice Group, and we welcome all CFG employees to CFS Brands.”
Kristine Holtz, CEO of Cornerstone Foodservice Group, added, “Joining CFS Brands marks an exciting new chapter for Cornerstone Foodservice Group. This partnership allows us to build on our legacy of innovation and service while creating new opportunities for our customers and employees. We are proud to align with such a respected and professional organization.”
Holtz also stated, “We are extremely pleased with the outcome of this transaction. The team at Hennepin Partners provided exceptional guidance throughout the process and ultimately connected us with the ideal buyer. Their expertise, dedication, and steady leadership were instrumental in achieving a result that positions our company for its next phase of growth. We are grateful for their partnership and outstanding work.”
Adam Reeves, Partner at ShoreView Industries, added, “The Hennepin Partners team provided first-class advice and service throughout the process from start to finish. We are very pleased with the outcome that they helped us achieve for Cornerstone and its team and look forward to working with Hennepin again in the future.”