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

By Generational Equity


Generational Equity, 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 Equity 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

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit