Fort Point Capital, a Boston-based private equity firm, announced that it has acquired Ice House America, LLC ("Ice House America", "IHA" or the "Company"), the largest automated retail ice and water platform in the United States, from existing investor Ulysses Management LLC ("Ulysses"). Headquartered in Moultrie, GA, IHA owns and operates a fleet of automated ice and water vending units located primarily across the Southern United States, designs, manufactures and sells ice and water vending units to both independent owner-operators and national accounts, and provides critical maintenance services and software to support its customers.
"We are excited to partner with Troy Doom and the rest of the IHA team to support the Company’s next phase of growth," said Christina Pai, Partner at Fort Point Capital. "IHA’s disruptive business model and compelling value proposition has firmly established the Company as a market leader in a remarkably stable and expanding end market."
"We are thrilled to partner with the Fort Point Capital team and thank Ulysses for their support throughout our partnership," stated Troy Doom, CEO of Ice House America. "This investment comes at an exciting time for IHA – we see a tremendous runway to continue growing our Company-owned fleet, expanding our sales breadth and capabilities and investing in our aftermarket and software capabilities. Importantly, we’re excited to continue driving our longstanding commitment to leveraging superior technology to offer fresh, affordable and safe ice and water in the kindest way possible for the planet."
"We have been extremely impressed by IHA’s track record of growth and technological innovation," said Michael Brofft, Principal at Fort Point Capital. "The Company’s hyperlocal ice production technology is fundamentally disrupting the $4 billion retail packaged ice industry and we look forward to supporting the Company’s continued growth during our partnership."
"We feel a deep sense of pride for the many accomplishments of the IHA management team over our long ownership period, and have great confidence in its continued future growth and success under Troy’s leadership," said Paul Barnett, Senior Managing Director at Ulysses Management. "We are delighted to remain a minority investor alongside Fort Point in support of the next chapter of IHA’s future."
Barings provided debt financing for the transaction. Kirkland & Ellis and RSM advised Fort Point Capital, while IHA was advised by FIDUS Partners, Robinson Bradshaw and Forvis.
About Ice House America
Founded in 2003, Ice House America is the largest ice and water platform in the United States. The Company has assembled and sold over 4,000 ice vending machines to independent owner-operators and national accounts throughout the U.S., and operates a Company-owned fleet of ice vending units, primarily in the Southern U.S. The Company provides critical aftermarket parts, service and refurb services as well as proprietary software to its customer base, which includes its mobile app Ice2U. To learn more, please visit icehouseamerica.com.
About Fort Point Capital
Fort Point Capital, a Boston-based private equity firm, employs a management-led, growth-oriented approach to private equity investing. Since its inception in 2011, Fort Point has partnered with founders and management teams to accelerate growth, expand service offerings, access new markets, and support follow-on acquisitions. With a portfolio that reflects over 50 acquisitions, Fort Point Capital continues to deliver enduring value to its partners, employees, and shareholders. Currently, the firm is investing from FPC Small Cap Fund III. To learn more, please visit fortpointcapital.com.
About Ulysses Management
Ulysses Management is a New York City-based diversified investment firm in operation for over 25 years, with over $1 billion in capital under management. Ulysses is the successor firm to Odyssey Partners, LP, the pioneering hedge fund founded in 1982 by Jack Nash and Leon Levy. Through its thematic and long-term business building approach, Ulysses primarily makes control investments in growing middle market companies across a variety of industries To learn more, please visit ulyssesmgmt.com.