Easy Ice, a provider of commercial ice machine rental and related services with headquarters in Marquette and Phoenix, has been acquired by New York and California’s Freeman Spogli and Co., management, and other investors. Terms of the agreement were not disclosed.
Mark Hangen and John Mahlmeister, co-founders of the company, and the rest of the management team will continue to lead and operate the company. Easy Ice provides ice machine rental and related services for more than 25,000 ice makers across 47 states.
“We look forward to leveraging Freeman Spogli’s experience in developing value-added distribution and retail services companies,” says Hangen, who is also CEO of Easy Ice. “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.”
Founded in 2009, 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.
“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,” says John Hwang, partner at Freeman Spogli. “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.”
Freeman Spogli’s legal counsel was Morgan, Lewis, and Bockius. Easy Ice was advised by FocalPoint Securities, and its legal counsel was Queen, Saenz, and Schutz. Varagon Capital Partners and Madison Capital provided debt financing to support the acquisition.
Since its founding in 1983, Freeman Spogli has invested more than $4.7 billion in 63 portfolio companies with an aggregate transaction value of more than $24 billion.
