Generational Group Advises Hiebing’s Refrigeration in its Sale to Chicagoland Equipment & Supply

By Generational Group

06/09/2021

Generational Group, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Hiebing’s Refrigeration, to Chicagoland Equipment & Supply (“CES”). The acquisition closed May 27, 2021.

Located in DeForest, Wisconsin, Hiebing’s Refrigeration, Inc. (Hiebing’s) was founded in 1984 and rents, sells, and services the highest quality commercial ice-making equipment and refrigeration equipment, including Manitowoc, Koolaire, Scotsman, Ice-O-Matic, Hoshizaki, True, Nor-Lake, and Leer equipment. The Company is a factory certified service representative of Manitowoc, Scotsman, Hoshizaki, and Ice-O-Matic and an authorized service representative for True, Leer, Nor-Lake, and Turbo Air for commercial refrigeration equipment.

CES is a leading supplier of premium disposable packaging, supplies, equipment, and equipment related service primarily to the food retail and foodservice industries throughout Illinois and Wisconsin. CES was started with the vision to provide a one-stop-shop solution to the food industry. Over the last twenty years, CES has built a business with the sole purpose of providing world-class service to all customers with integrity and loyalty.

Generational Group Executive Managing Director of M&A – Central Region, Michael Goss, and his team, led by Managing Director Mergers & Acquisitions, Stephen Dinehart, with support from Managing Director Mergers & Acquisition, Ryan Johnson, successfully closed the deal.

“CES and Hiebing’s are a great fit,” said Dinehart. “Hiebing’s is a well-established name in south-central Wisconsin’s hospitality industry and provides CES with further expansion into Wisconsin.”


About Generational

Generational Group, headquartered in Dallas, TX, is a leading, award winning full-service M&A advisory firm. Generational has over 300 professionals across 16 offices in North America. The firm empowers business owners to unlock the full value of their companies through a comprehensive suite of services—including strategic growth consulting, exit planning education, business valuation, value enhancement strategies, M&A advisory, digital solutions, and wealth management.

Celebrating its 20th year, Generational has successfully closed over 1,700 transactions and has ranked #1 or #2 in all LSEG league tables for deals valued between $25 million and $500 million in 2022, 2023, and 2024.

The firm was named 2024 USA Investment Banking Firm of the Year by the Global M&A Network and recognized as Investment Banking Firm of the Year by The M&A Advisor in both 2024 and 2022.