Acquisition · Commercial food equipment
Hoshizaki to buy Michigan food display case maker Structural Concepts for $375 million
- Buyer
- Hoshizaki (via Hoshizaki USA Holdings) (Toyoake, Aichi)
- Target
- Structural Concepts, Norton Shores, Michigan
- Value
- $375M
- Status
- Completed; Hoshizaki consolidates the companies from July 31, 2025.
- Date
- 2025-06-13
Hoshizaki's U.S. holding company agreed to acquire Structural Concepts, a maker of refrigerated and heated food display cases, by buying its parent SC Holding. The acquisition price is about ¥54 billion ($375 million). Hoshizaki expects to sell the cases through its existing U.S. channels, especially to convenience stores.
Why it matters
Display cases add a product line next to Hoshizaki's ice machines and refrigerators. The deal also gives it room for joint purchasing and shared service networks in its largest overseas market.
The deal
Hoshizaki's board approved the purchase by written resolution on June 12, 2025. The deal was done as a reverse triangular merger: Alliance Acquisition I, a special-purpose subsidiary set up by Hoshizaki USA Holdings, merged into SC Holding Corp., leaving SC Holding as a wholly owned unit. The $375 million cash price for the common equity was agreed through negotiation, with reference to a share valuation by a third-party firm.
The selling shareholders of SC Holding were not named in the disclosures.
About Structural Concepts
Structural Concepts was founded in 1972 and makes temperature-controlled food display cases, including open-air coolers, refrigerated cases, heated displays and non-refrigerated pastry cases. Its customers include supermarkets, convenience stores, cafes and foodservice operators. Trade publication Cooling Post reported annual sales of $147 million and about 500 employees; Hoshizaki's own release did not give these figures.
Closing and results
The acquisition closed on schedule. Hoshizaki's report for the nine months to September 30, 2025 shows Structural Concepts, SC Holding and SC Real Estate Holdings LLC added to consolidation effective July 31, 2025. Goodwill rose by ¥53,973 million in the period, which the company attributed mainly to new acquisitions.
For the nine months, Hoshizaki's consolidated net sales rose 10.3% to ¥365,425 million and operating profit rose 8.7% to ¥46,294 million. The company said growth in the Americas was helped by companies bought in the previous fiscal year, such as Technolux Equipment and Supply.
Sources
Kakehashi M&A News home
