Marquette, MI – Easy Ice, LLC (“Easy Ice” or the “Company”), the leading provider of commercial ice machine rental and related services, has been recapitalized by Freeman Spogli & Co. (“Freeman Spogli”). 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. FocalPoint Partners, LLC (“FocalPoint”) served as financial advisor to the Company.
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.
Mark Hangen, Co-founder and CEO of Easy Ice, commented, “We are excited to be partnering with Freeman Spogli to support the Company’s next phase of growth. We look forward to leveraging Freeman Spogli’s experience in growing 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. Additionally, I would like to thank the FocalPoint team for their outstanding guidance throughout the process. I was highly impressed by their professionalism, determination, and creativity in helping us identify the best partner.”
John Hwang, a Partner at Freeman Spogli, said, “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. 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.”
Nishen Radia, Managing Partner at FocalPoint, said, “Mark, John and the entire Freeman Spogli team were a pleasure to work with and we are excited to watch the Company go from strength to strength under their partnership. The Easy Ice recapitalization represents another successful closing for FocalPoint’s Business Services group. We are seeing strong levels of investor appetite for commercial services companies with recurring, route-based revenue models and dynamic growth strategies, including strong buy and build strategies.”
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, preventative maintenance, repairs, upgrades, 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. To learn more, visit www.easyice.com, www.ice-masters.com, and www.auto-ice.com.
About Freeman Spogli
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. To learn more, visit www.freemanspogli.com.
About FocalPoint Partners
FocalPoint is an independent investment bank specializing in mergers and acquisitions, private placements, financial restructurings, and special situation transactions. With offices in Los Angeles, Chicago, New York, and Shanghai, the firm provides global advisory services to middle market clients and has a dedicated business services practice. For more information, visit www.focalpointllc.com and follow us on LinkedIn and Twitter.