Ronin Equity Partners has executed a GP-led secondary acquisition of a minority stake in AeriTek Global, marking the private equity firm's return to a company it exited just months ago. The deal, which PE Hub exclusively revealed, involves Partners Capital as a new investor in the continuation vehicle.

In September 2025, Ronin sold its stake in Due North, a Toronto-based commercial refrigeration manufacturer, to Mill Point Capital's portfolio company AeriTek Global. However, the firm quickly reversed course when offered an attractive multiple and the opportunity to reinvest in the combined business. According to David Feierstein, Ronin's co-founder and managing partner, the firm was given four months to raise third-party capital and participate in the enlarged entity.

AeriTek, formed in 2024 from Mill Point's carve-out of Imbera and Torrey from Mexico's FEMSA, serves major food and beverage brands including Unilever, Heineken, Nestle, Coca-Cola, and Pepsi. The company is capitalizing on growing demand for refrigeration units driven by consumer preferences for fresh, ready-to-eat foods and the rising pet food market. With plans to expand into Europe through M&A and scale operations organically, AeriTek represents a strategic platform in the commercial refrigeration sector.