Harris Williams Advises Cold Jet on its Minority Investment from Seidler Equity Partners and Stonehenge Partners

June 14, 2022

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Cold Jet, a global leader in innovative dry ice technologies, on its minority investment from Seidler Equity Partners (Seidler) and Stonehenge Partners (Stonehenge). The transaction was led by John Arendale, Chuck Walter and Tom Dunne of the Harris Williams Industrials Group.

“As a leader in dry ice technology, Cold Jet is recognized for its innovative solutions, best-in-class equipment, and top-notch customer services,” said John Arendale, a managing director at Harris Williams. “Cold Jet will be a company to keep an eye on as CEO Gene Cooke continues to be the majority shareholder and lead the business through its next phase of growth with the support of the Seidler and Stonehenge teams.”

“With a broad portfolio and unique capabilities in dry ice technology, Cold Jet delivers comprehensive cleaning and transport cooling solutions that are both effective and sustainable,” said Chuck Walter, a vice president at Harris Williams. “There continues to be strong investor interest for high-quality industrial assets, and we are excited to help deliver this successful outcome for Gene and the Cold Jet team.”

Cold Jet has two distinct lines of business centered around the use of dry ice. The company provides environmental cleaning, surface preparation, and parts finishing systems to global manufacturing industries. These systems utilize particles of dry ice as a blasting medium. Secondly, the company produces systems for the production, metering and packaging of dry ice. These systems enable the consistent production of a controlled range of dry ice products for food transportation, cold chain management and dry ice cleaning. Customers are using Cold Jet’s technology-based solutions to replace outdated processes that are inefficient and harmful to health and safety by putting recycled CO2 to work with a water-free, waste-free, and chemical-free solution. Cold Jet is headquartered in Loveland, Ohio, with international operations in Europe, Asia, Canada, and Mexico.

Seidler and its affiliates have been investing in market-leading companies since 1992. Seidler aligns with business founders and management teams to achieve long-term growth objectives while preserving company culture. Headquartered in Marina del Rey, California, Seidler also has an office in Sydney, Australia and currently has over $3.5 billion of assets under management.

Stonehenge is an Ohio-based private equity fund that focuses exclusively on lower-middle market companies. The company has raised more than $1 billion and is currently investing out of its fifth institutional fund. Stonehenge has a long history of partnering with entrepreneurs and management teams who are focused on improving their companies and building equity value. The company provides flexible capital that meets the needs of all stakeholders including majority equity, minority equity, debt and combinations thereof.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Industrials Group has experience across a variety of sectors, including advanced manufacturing; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.