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January 16, 2019

Cornerstone Foodservice buys coffee equipment maker Astra Manufacturing

US-based equity firm ShoreView Industries’ portfolio company Cornerstone Foodservice Group has purchased coffee equipment maker Astra Manufacturing. 

US-based equity firm ShoreView Industries’ portfolio company Cornerstone Foodservice Group has purchased coffee equipment maker Astra Manufacturing.

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Financial details of the transaction have not been disclosed by the companies.

Astra Manufacturing president and founder Richard Hourizadeh said: “I am excited to be joining forces with Cornerstone Foodservice Group.

“Cornerstone’s vast customer and distribution channels will allow us to bring our products to new markets and help fuel Astra’s long-term growth.”

This acquisition represents the third company added by Cornerstone Foodservice Group to its portfolio.

Since 1993, Astra has produced espresso and cappuccino equipment, as well as steamers, grinders and accessories for a wide range of both the commercial and home segments.

“Cornerstone’s vast customer and distribution channels will allow us to bring our products to new markets and help fuel Astra’s long-term growth.”

Astra employs aerospace engineering when designing the coffee machines and manufactures its products in the US.

Cornerstone Food Service Group CEO Kristine Holtz said: “Cornerstone is a family of innovative and trusted brands.

“We believe Astra’s thoughtful approach to the art of coffee provides a highly profitable solution for our customers in the face-paced, rapidly growing premium coffee segment.”

Cornerstone Foodservice Group is involved in the acquisition of niche foodservice equipment businesses.

In July 2017, the foodservice group acquired LloydPans. This company is a metal fabricator and manufacturer of commercial pizza pans, pizza tools and bakeware, as well as commercial and consumer restaurant equipment.

The group completed its first acquisition in September 2016 of Spring USA. Spring designs and sells foodservice equipment.

Free Report
img

The critical role of sustainability for Foodservice success in the 2020s

Consumers have radically re-thought their priorities in recent years and changed their habits for the good of the planet, starting to hold companies accountable for their ESG activities. These changes are set to be significant hallmarks of the Consumer Landscape in the 2020s. In order to appease consumers’ new concerns, meeting these new sustainability imperatives will be crucial for the recovery of the Foodservice industry. Consumers are expected to use ESG criteria much more actively in their selection of Foodservice brands to engage with. Download GlobalData’s free report to:
  • Understand the range of ESG challenges currently facing the Foodservice sector
  • Gain insight into consumers’ expectations via consumer survey deep dives
  • Learn from foodservice operators and brands who are already successfully embracing ESG strategies
Stay ahead of consumer concerns and rise to meet them. Download the report now.
by GlobalData
Enter your details here to receive your free Report.

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