A designer, manufacturer and supplier of commercial foodservice equipment with more than 20 plants in 9 countries.
Ali engaged Brookwood Associates to advise the Company in its acquisition of Aladdin Temp-Rite from UK-based Enodis, plc (NYSE: ENO).
Engagement Process and Outcomes
The Challenge – Privately held Ali SpA desired to: (i) bolster its 28 distinct brands, (ii) build market share with buyers of meal delivery systems and (iii) significantly expand its North American presence. Brookwood was engaged to advise Ali through a competitive auction process run by a bulge-bracket New York firm.
The Solution – Brookwood performed significant analytical work to determine the standalone nature and financial characteristics of the Enodis corporate divestitures on an on-going basis. Additionally, given Aladdin Temp-Rite’s numerous operations outside the U.S., Brookwood was required to rapidly orchestrate an extensive international due diligence process. As Brookwood has had five buy-side engagements with Ali within a 30 month period, the team thoroughly understood the client’s acquisition approach and strategic objectives.
The Result – Brookwood successfully guided Ali through multiple rounds of bidding. The team’s ability to: (i) appropriately position Ali’s offer, (ii) perform due diligence, (iii) negotiate a Definitive Purchase Agreement and (iv) close the deal in fewer than 40 days from execution of the Letter of Intent were crucial factors to the winning bid. The transaction closed on-time and at a multiple deemed to be very attractive to the client.