Last updated on May 13th, 2019 at 02:28 pm
U-Line Corp., a manufacturer of high-end, under-counter ice-making and refrigeration appliances, recently announced the addition of a new investor, Linsalata Capital Partners, a Cleveland-based private equity firm.
Linsalata brings its financial management expertise and resources to the Milwaukee company. U-Line’s current management team will remain in place, including Phil Uihlein as president and chief executive officer. No changes will be made to U-Line’s business model or product distribution channels.
The company’s headquarters and manufacturing facility will remain based in Milwaukee.
"Our entire family is excited to announce U-Line’s new investor, Linsalata Capital," Uihlein said. "The recapitalization of our business will enable us to strengthen and enhance the U-Line brand, expand our innovative product offering and stimulate our growth into new markets. We are fully committed to our marketplace and look forward to contributing to it in new and exciting ways with the support of Linsalata."
Based in the Cleveland suburb of Mayfield Heights, Ohio, Linsalata Capital Partners was founded in 1984 and has combined its financial capabilities with extensive operational experience to accelerate the growth of middle-market companies.
U-Line will become the 12th platform company in Linsalata Capital Partners’ current portfolio, according to Mark Kirk, managing director at Linsalata Capital Partners.
"We are excited about partnering with Phil and him team at U-Line" said Kirk. "The company has demonstrated strong financial performance and solid growth through new product development and continual innovation. We, along with U-Line, believe that this commitment to product innovation will continue to be the source of future growth."
U-Line manufactures Combo ice maker/refrigerators, Wine Captain(r) wine storage units, refrigerators, refrigerated drawer systems and refrigerator/freezers.
Robert W. Baird & Co., Milwaukee, served as exclusive financial advisor to U-Line with the transaction.
The terms of the transaction were not disclosed.
May 28, 2004 Small Business Times, Milwaukee, WI