International. D Cubed Group today announced the sale of the custom insulating panel system supplier to Viessmann Generations Group through a transaction subject to customary closing conditions, without disclosing the financial terms of the transaction.
KPS Global was created by D Cubed Group in 2015 through the simultaneous acquisitions of Dover Corporation's Hill Phoenix Walk-Ins business and The Manitowoc Company, Inc.'s Kysor Panel Systems. Today, KPS Global is a company with revenues of more than $400 million and is the market-leading provider of custom insulated panel systems for businesses in all areas of food retail, as well as in the scientific and cold storage markets.
"From the outset, we saw an opportunity to bring significant investment, commitment and long-term guidance to combine two market leaders and build a company with singular focus, world-class innovation and execution capabilities, and equip it with resources to continue to grow through proprietary offerings and diversify the markets it serves," said Glenn Kaufman, CEO of D Cubed. "Through our investment in talent, systems, business intelligence and innovation, as well as our partnership with management, KPS Global has become the undisputed market leader and distinguishes itself from its competitors through its comprehensive and fully customized capabilities, differentiated offerings and demonstrated ability to grow in multiple markets."
Kaufman continued, "Identifying and investing in those off-market opportunities, and then driving and supporting business improvement and growth is exactly what D Cubed's private market investment model is all about." He added: "The most successful business creation usually doesn't happen in artificial windows of 3 to 5 years. It requires concentration, commitment, and investment. And it requires knowing that you can and will apply those things for as long as it takes to generate results and returns. The 9 years of involvement with KPS Global exemplify our true north: the creation of disciplined companies to create and grow great companies, resulting in huge returns in the long term."
Mike Eakins, CEO of KPS Global, said: "Together, we have built something special that has differentiated KPS Global in the market, which not only
delivers what our clients need today, but also continuously develops innovative solutions they will need in the future." "I'm excited to work with another long-term business development partner to continue to build and grow as we have, while maintaining our commitment to our customers, employees and suppliers."
Viessmann is a global, broadly diversified and purpose-driven family business for responsible capital.
"We recognize D Cubed's tremendous achievement in creating and developing KPS Global. We see an incredible opportunity to build on that and support the company to further expand its continued growth in and out of its core market," shared Max Viessmann, CEO of Viessmann. "We are excited to work together with the company's proven management to further drive value creation."
Kaufman concluded: "Together with a great management team, who have been a partner in every way, we achieved our plan to build KPS Global to operate at a completely different level than it had previously existed in its sector, and to grow in its historic market and in markets beyond it. We are very proud of what has been achieved with this investment, the team and what the company has become. We are excited to see how the business continues to grow over the long term."
KPS Global will continue to be led by its current management team and will operate through its headquarters and a newly built innovation center in Fort Worth and will manufacture products at its five strategically located facilities.
