New Walk-In Company Established After Manitowoc Sells Kysor Panel Systems

The Manitowoc Co., in the process of separating its foodservice and crane businesses, announced December 7 that it has sold Kysor Panel Systems, a maker of wood frame and high-density rail panel systems for walk-in freezers and coolers to a private investment firm affiliate for about $85 million.

The buyer, D Cubed Group, also acquired Hill Phoenix’s Walk-Ins business from Dover Corp., and created a new, private company. KPS Global, headquartered in Fort Worth, Texas, has combined annual revenues of more than $200 million. 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.”

Senior executives from both Kysor and Hill Phoenix will not only merge in business functioning, but also become employee-owners. Jack Bowling, previously with Kysor Panel Systems, will serve as CEO.