Standex Refrigerated Solutions Group (RSG) has reached a definitive agreement to sell its Master-Bilt and Nor-Lake refrigeration businesses to Ten Oaks Group, a family office focused exclusively on corporate divestitures. The closing is expected to occur in the next 45 days.
Standex continually assesses its portfolio of businesses to ensure alignment with its long-term strategic vision. As part of this assessment, Standex determined that the Refrigerated Solutions Group (RSG), specifically the Master-Bilt and Nor-Lake brands, no longer aligns with its long-term strategy. This review was a thoughtful one in which a variety of factors were carefully weighed and ultimately a decision was made to pursue a sale.
Both Standex and the buyer believe the RSG business continues to offer competitive advantages including strong market brands, dedicated and capable employees, and attractive products.
Standex said in a statement that until the sale is completed, the company will remain focused on “business as usual,” working with our customers and channel partners to retain and grow opportunities for Master-Bilt and Nor-Lake.