Naperville, Ill., Dec 24 — The Partners of ShoreView are pleased to announce the sale of Cornerstone Foodservice Group (“CFG”).
ShoreView partnered with CFG in September 2016. At that time, the company, formerly known as Spring (U.S.A.) Corporation, was a designer and provider of small foodservice equipment for the hospitality sector. The company was owned by a consumer-focused conglomerate that was carving out the business segment due to a lack of fit with its home, garden, and outdoor consumer products. ShoreView structured a transaction that:
Provided liquidity to the conglomerate and allowed them to focus on their core strategy
Created a succession plan for current management by partnering with an industry executive to become CEO—allowing the incumbent leader to transition out on the day of closing
Created an equity incentive plan for key managers
Provided ample financial resources to support multiple acquisitions
Over the next nine years, ShoreView worked with CFG management to:
Hire a new senior leadership team to execute a strategic plan
Significantly grow the financial performance through internal investment and an aggressive acquisition program
Complete four add-on acquisitions, diversifying the Company’s end markets and expanding its product offerings
Through organic initiatives and add-on acquisitions, CFG transformed into a leading designer, manufacturer, and distributor of small commercial foodservice equipment, induction and ventless solutions, sneezeguards, and premium pizza pans and bakeware for the restaurant, hotel, convenience and grocery, and bakery industries. ShoreView exited its investment to a strategic investor.