Astra Manufacturing® Acquired by Cornerstone Foodservice Group
Cornerstone Foodservice Group adds third company to portfolio
NAPERVILLE, Ill. -- (BUSINESS WIRE) -- Cornerstone Foodservice Group, of ShoreView Industries, is pleased to announce that it has acquired assets of Astra Manufacturing, Inc., a designer and manufacturer of premium coffee equipment for both the commercial and home segments. This is the group’s third acquisition. They acquired Spring USA in September 2016 and LloydPans in July 2017.
“Cornerstone is a family of innovative and trusted brands,” said Kristine Holtz, CEO of Cornerstone Food Service Group. “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.”
“I am excited to be joining forces with Cornerstone Foodservice Group,” said Richard Hourizadeh, President and Founder of Astra Manufacturing, Inc. “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.”
CapM Advisors acted as financial advisor to Astra Manufacturing, Inc.
About Astra Manufacturing, Inc.
Since 1993, Astra has produced premium, professional espresso machines, steamers, grinders and accessories with the goal to exceed customer expectations every time. Designed with aerospace engineering and manufactured within the USA, these reliable and efficient machines provide gourmet coffee selections to a wide range of commercial and residential consumers.
About LloydPans®/ Lloyd Industries, LLC
LloydPans is an industry leading manufacturer of commercial grade baking, pizza, and restaurant equipment made in the USA. The company designs and manufactures commercial pizza pans and pizza tools, commercial bakeware, and commercial and consumer restaurant equipment in its 80,000-square foot facility in Spokane Valley, WA. LloydPans distributes its products around the world through multiple sales channels.
About Spring USA®
Spring USA is a food service industry leader, first to introduce countertop induction to the United States. Known for the innovation and design of reliable, durable and beautiful products, Spring USA specializes in induction cooking & warming equipment, buffetware, mobile cooking stations, and custom-built tables with hidden induction and cooling elements. Spring USA is chosen by industry professionals worldwide for its performance and quality.
About Cornerstone Foodservice Group
Cornerstone Foodservice Group is a family of leading and groundbreaking brands trusted by industry professionals worldwide for providing innovative, high quality products and creative business solutions.
About ShoreView Industries
Founded in 2002 in Minneapolis, Minnesota, ShoreView Industries manages three funds totaling $900 million. ShoreView has partnered with family or entrepreneurial-owned companies across many sectors, including engineered products, distribution, industrial services, business services, and niche consumer products.
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