Freeman Spogli & Co has acquired Phoenix, Arizona and Marquette, Michigan-based Easy Ice, a provider of commercial ice machine rental and related services. No financial terms were disclosed.
MARQUETTE, Mich., Jan. 9, 2020 /PRNewswire/ — Easy Ice, LLC (“Easy Ice”), the leading provider of commercial ice machine rental and related services, announced it has been acquired by Freeman Spogli & Co. (“Freeman Spogli”), management and other investors. Easy Ice’s co-founders, Mark Hangen and John Mahlmeister, and the rest of the management team will continue to lead and operate the Company. Specific terms of the transaction were not disclosed.
Founded in 2009 and co-headquartered in Phoenix, AZ and Marquette, MI, Easy Ice provides ice machine rental and related services for more than 25,000 ice makers across 47 states. Easy Ice is the only national platform offering a comprehensive subscription service for commercial ice machines that includes installation, cleaning, preventive maintenance, repairs, backup ice, and peak demand ice. This full-service offering allows Easy Ice’s customers to outsource this mission-critical function and focus on their core operations. Easy Ice’s reputation as the “The Ice Machine Experts” is a result of its scale, unmatched national footprint, broad service offering, ice machine refurbishment capabilities and utilization of timely and high quality in-house and third-party technicians.
“We are excited to be partnering with Freeman Spogli to support the Company’s next phase of expansion,” said Mark Hangen, co-founder and CEO of Easy Ice. “We look forward to leveraging Freeman Spogli’s experience in developing value-added distribution and retail services companies. John and I felt strongly that Freeman Spogli’s proven track record of driving strong organic growth and supporting strategic acquisitions would make them an invaluable partner as we continue to execute our multipronged growth strategy.”
“Mark Hangen and John Mahlmeister have done a fantastic job building Easy Ice into the only national player in the full-service ice machine subscription market,” said John Hwang, a Partner at Freeman Spogli. “A decade ago, Mark and John set out to create a business that addressed the major pain points and challenges faced by owners of commercial ice machines. Since then, they have successfully positioned Easy Ice as a value-added service partner to all its customers. We look forward to supporting Easy Ice and the management team as long-term investors in the Company.”
Freeman Spogli’s legal counsel was Morgan, Lewis and Bockius LLP. Easy Ice was advised by FocalPoint Securities, LLC and its legal counsel was Queen, Saenz + Schutz PLLC. Varagon Capital Partners and Madison Capital provided the debt financing to support the acquisition.
About Easy Ice
Easy Ice, co-headquartered in Phoenix, AZ and Marquette, MI, is the national leader in the full-service ice machine subscription industry with warehouse and distribution facilities in Chicago, Dallas, Kansas City and Orlando. Since its founding in 2009, the Company has rapidly grown its ice machines under management to 25,000 units across 47 states. Easy Ice’s commercial ice machine subscription programs include installation, cleaning, preventive maintenance, repairs, backup ice, and peak demand ice. The Company operates under three brands: Ice Masters in Kansas and Missouri; Automatic Icemakers in Chicago; and Easy Ice in all other cities and states. For more information, please visit www.easyice.com.
About Freeman Spogli & Co.
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $4.7 billion in 63 portfolio companies with an aggregate transaction value of over $24 billion, and is currently making investments from FS Equity Partners VIII, L.P. Freeman Spogli has offices in Los Angeles and New York. For additional information, visit www.freemanspogli.com.