Stone Canyon Industries Holdings Announces Agreement to Acquire Reddy Ice
LOS ANGELES, May 30, 2019 /PRNewswire/ -- Stone Canyon Industries Holdings LLC ("SCIH"), a global industrial holding company, entered into a definitive agreement and plan of merger to acquire Reddy Ice Holdings, Inc. ("Reddy Ice"), the largest manufacturer and distributor of packaged ice in the United States, which is majority owned by funds advised by Centerbridge Partners, L.P. ("Centerbridge").
Terms of the transaction were not disclosed.
"This investment represents the next step in our plan to build a diversified industrial conglomerate," said James Fordyce, Co-CEO of SCIH. "We look forward to building on the success created by Reddy Ice CEO Deb Conklin, Chairman Bill Corbin and their entire team as we transition to this new phase in the company's future."
Latham & Watkins LLP and Gibson, Dunn & Crutcher LLP served as legal advisors to SCIH. Centerbridge and Reddy Ice were advised by BMO Capital Markets Corp., Jefferies LLC and Kirkland & Ellis LLP.
About Reddy Ice
Reddy Ice Holdings, Inc. ("Reddy Ice") is the largest manufacturer and distributor of packaged ice in the United States. The Company sells its products primarily under the widely known Reddy Ice® brand to a variety of customers in 37 states and the District of Columbia. Reddy Ice provides a broad array of product offerings in the marketplace through traditional direct store delivery, warehouse programs, and its proprietary technology, The Ice Factory®. Reddy Ice serves most significant consumer packaged goods channels of distribution, as well as restaurants, special entertainment events, commercial users, and the agricultural sector. For more information, please visit www.reddyice.com.
About Stone Canyon Industries Holdings
Stone Canyon Industries Holdings ("SCIH") is a global industrial holding company designed to "buy, build and hold" for the long term, with a strategy focused on acquiring and operating market leading companies in essential industries. SCIH was founded by Co-CEOs Adam Cohn and James Fordyce. SCIH companies operate in essential industries that provide mission-critical products and services to customers around the world. SCIH seeks to build out industrial verticals in stable and mature industries that possess favorable economic dynamics with high barriers to entry; a fragmented industry poised to create or strengthen a market leader through consolidation; and an opportunity to build a substantial company that will make a difference. For more information, please visit www.scihinc.com.
About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for its investors and business partners. The Firm was founded in 2005 and as of March 31, 2019 has approximately $28 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.
SOURCE Stone Canyon Industries Holdings LLC
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