The Montague Company acquired by The Ali Group
Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to The Montague Company (“Montague”) and its related entity, Big Dawg Manufacturing LLC (“Big Dawg”) on its sale to the Ali Group (“Ali Group”). The terms of the transaction, which closed on December 21, 2021, were not disclosed.
For over 150 years, Montague has provided the highest quality American made commercial cooking equipment suited for the most demanding environments. As a family owned and operated business with over 150 years of specialized manufacturing experience, the Company uses its expertise to manufacture heavy and medium duty ranges, counter equipment, fryers, broilers, gourmet pizza ovens and custom island suites for its institutional foodservice and restaurant clients across the globe.
Big Dawg, originally Turbo Coil Refrigeration, was acquired and rebranded by Montague in 2017. Big Dawg manufactures refrigeration equipment specifically designed for inclement environments where food needs to remain cool next to high heat cooking elements, and has been seamlessly integrated into Montague’s product portfolio.
Filippo Berti, Ali Group’s Chairman and Chief Executive Officer stated: “We are very pleased to welcome The Montague Company into the Ali Group. The Montague acquisition is strategically important to our Group as it strengthens our position as leader in the global commercial foodservice equipment industry. While the Ali Group has been competitive in this segment for quite some time in other areas of the world, Montague’s leadership in the commercial cooking equipment segment expands our opportunities and adds a new dimension to our ability to serve the foodservice equipment market in North America. The addition of very strong and well recognized brands to those of the Group increases Ali Group’s global presence and visibility.”
“The last 102 years of Montague’s long history have been a part of our family, encompassing three generations,” said Thomas Whalen. “We could not have achieved this exceptional outcome – both in terms of value and partnership - without the help of CMG. They helped us every step of the way and delivered well beyond our expectations.”
Ramsey Goodrich, Managing Partner of CMG, explained “This transaction is another example of how CMG advises family-held organizations on not only how to maximize value, but also find the best possible partners to continue on family legacies and values. We are proud of our relationship with the Montague team and are thrilled to have advised them on this exciting transaction.”
Other advisors for this transaction include Hanson Bridgett LLP and Brunn & Flynn Attorneys who served as Montague’s legal counsel and BPM LLP who provided a quality of earnings analysis and tax support and Mowat Mackie & Anderson who served as accounting advisors.
Proudly manufactured in the USA by skilled craftsmen, Montague offers powerful, high-volume, heavy-duty cooking and refrigeration equipment for any foodservice kitchen. From custom island suites to ranges, ovens, broilers, fryers, refrigerated bases and much more, Montague has been dedicated to developing and bringing professional chefs of the world premium-quality appliances since 1857.
About Ali Group:
Founded in 1963, the Ali Group is an Italian corporation with headquarters located in Milan, Italy, and North American operations based in Chicago, Illinois. Through its subsidiaries, the company designs, manufactures, markets and services a broad line of commercial and institutional foodservice equipment used by major restaurant and hotel chains, independent restaurants, hospitals, schools, airports, correctional institutions and canteens. The Ali Group and its 81 global brands employ approximately 10,000 people in 30 countries and, in terms of sales, is one of the world’s largest groups in this industry. It has 60 manufacturing facilities in 15 countries and sales and service subsidiaries throughout Europe, the Middle East, North America, South America, and Asia Pacific.
About Carter Morse & Goodrich:
Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $25 million and $250 million. CMG specializes in helping owners of leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. We fully understand and appreciate the unique dynamics of closely-held businesses and the importance of legacies. While CMG provides a full range of investment banking services our primary focus is representing sellers who are pursuing their once-in-a-lifetime M&A transactions. For more than 30 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners. For more information, visit us at www.cartermorse.com.