M&A Deal Summary

AeriTek Acquires Due North

On September 2, 2025, AeriTek acquired manufacturer Due North from Ronin Equity Partners, Stephens Capital Partners and Northwood Ventures

Acquisition Highlights
  • This is AeriTek’s 1st transaction in the Manufacturing sector.
  • This is AeriTek’s 1st transaction in Canada.
  • This is AeriTek’s 1st transaction in Ontario.

M&A Deal Summary

Date 2025-09-02
Target Due North
Sector Manufacturing
Buyer(s) AeriTek
Sellers(s) Ronin Equity Partners
Stephens Capital Partners
Northwood Ventures
Deal Type Add-on Acquisition

Target

Due North

Georgetown, Ontario, Canada
Due North operates in the refrigerated display market, with product offerings across the pet food, beverage, micro markets, and food sectors. Due North is based in Georgetown, Ontario.

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Buyer(S) 1

Buyer

AeriTek

Kennesaw, Georgia, United States

Category Company
Sector Machinery
DESCRIPTION

AeriTek is a provider of refrigeration and foodservice equipment operations. AeriTek is based in Kennesaw, Georgia.


DEAL STATS #
Overall 1 of 1
Sector: Manufacturing M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 3

SELLER

Ronin Equity Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2017
PE ASSETS 300M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ronin Equity Partners is a private equity firm focused on control investments in mid to large-sized North American headquartered in businesses valued up to $1 billion. The Firm's sector interest includes the industrial, industrial services, and consumer sectors. Ronin has a special interest in situations that can benefit from its operational expertise, including pursuing opportunities for organic and non-organic growth, back office improvements, and better cost structure systems and policies. Ronin Equity Partners was formed in 2017 and is based in New York City.


DEAL STATS #
Overall 2 of 2
Sector: Manufacturing M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-14 Heartisan Foods

Barron, Wisconsin, United States

Heartisan Foods is a specialty cheese manufacturer and distributor that focuses on producing branded and private-label specialty and flavored cheese products, offering over 70 varieties, including bricks, rounds, slices, curds, shreds, and spreads. Heartisan Foods was founded in 1991 and is based in Barron, Wisconsin.

Sell -
SELLER

Stephens Capital Partners

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stephens Capital Partners is the direct, private equity investment arm of financial services firm Stephens, Inc. Stephens Capital looks to acquire minority or majority stakes in mid-sized, profitable companies in partnership with management. The Firm will consider opportunities throughout the US valued between $50 and $200 million. Stephens Capital will not consider venture investments or turnaround situations. Stephens Capital Partners is based in Little Rock, Arkansas.


DEAL STATS #
Overall 42 of 42
Sector: Manufacturing M&A 5 of 5
Type: Add-on Acquisition M&A Deals 21 of 21
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-02 Four Corners Petroleum

Golden, Colorado, United States

Four Corners Petroleum is an oil and gas company that acquires, operates, and develops crude oil and natural gas producing acreage primarily in the Permian Basin. Four Corners Petroleum was established in 2016 and is based in Golden, Colorado.

Sell -
SELLER

Northwood Ventures

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Northwood Ventures is a private investment firm that invests at all stages of company development, including venture, buyout, consolidation, growth, recapitalization, and turnaround situations. Northwood prefers opportunities located within the US and will consider both minority and control situations. Northwood's typical investment ranges from $5 to $15 million. Target sectors include telecommunications, manufacturing, retailing/consumer, financial services, and service-oriented business industries. Northwood Ventures was formed in 1983 and is based in Syosset, New York.


DEAL STATS #
Overall 53 of 53
Sector: Manufacturing M&A 2 of 2
Type: Add-on Acquisition M&A Deals 22 of 22
State: Ontario M&A 1 of 1
Country: Canada M&A 2 of 2
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-01 Jack Rogers

New York, New York, United States

Jack Rogers is an iconic American designer and manufacturer of high quality handmade women’s sandals first made fashionable by Jacqueline Kennedy Onassis. Jack Rogers was founded in 1960 and is based in New York, New York.

Sell -