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