Standex to sell Master-Bilt and Nor-Lake refrigeration businesses

HUDSON, WI —  Standex Refrigerated Solutions Group (RSG) has reached a definitive agreement to sell its Master-Bilt and Nor-Lake refrigeration businesses to Ten Oaks Group, a family office focused exclusively on corporate divestitures.  The closing is expected to occur in the next 45 days.

Standex continually assesses its portfolio of businesses to ensure alignment with its long-term strategic vision. As part of this assessment, Standex determined that the Refrigerated Solutions Group (RSG), specifically the Master-Bilt and Nor-Lake brands, no longer aligns with its long-term strategy. This review was a thoughtful one in which a variety of factors were carefully weighed and ultimately a decision was made to pursue a sale.

Both Standex and the buyer believe the RSG business continues to offer competitive advantages including strong market brands, dedicated and capable employees, and attractive products.

Until the sale is completed, we will remain focused on “business as usual,” working with our customers and channel partners to retain and grow opportunities for Master-Bilt and Nor-Lake.

Master-Bilt is one of Union County’s oldest industries, here more than a half century and starting from a small operation in 1938. Today they manufacture a range of refrigeration equipment that has included small open retail units and vary large walk-in complete warehouses.

Standex began as a vinyl sheeting company after World War II, quickly diversified and became Standex in 1964.

The company was reported as employing about 320 in Union County this past year.