EQT Infrastructure Sells RTI
- EQT Infrastructure has agreed to sell Minneapolis-based RTI, market leader in cooking oil management services in the US, to Aurora, a Los Angeles based private investment firm
- During EQT Infrastructure’s ownership, RTI has transformed into a fast growing platform as a result of a number of strategic investments including expansion of the depot network, evolution of the sales force, and new product development
- RTI has more than doubled its annual rate of customer growth, increasing the overall customer base by more than 30%, translating into over 65% growth in EBITDA during EQT Infrastructure’s ownership
EQT Infrastructure Limited (“EQT Infrastructure”) has reached a definitive agreement to sell Restaurant Technologies Inc. (“RTI” or the “Company”) to a group of investors led by Aurora Capital Group (“Aurora”), a Los Angeles based private investment firm.
RTI was acquired by EQT Infrastructure in May 2011. The Company has the only nationwide infrastructure network providing closed loop cooking oil management and distribution services to the US foodservice industry. RTI currently distributes and collects cooking oil from more than 22,000 customers through 41 depots located across the US further securing its number one position in the marketplace with an unmatched national infrastructure.
During EQT Infrastructure’s ownership, RTI has seen tremendous growth in several key markets and rapidly expanded its reach. The Company has, among other things, added five new depots giving it access to 41 of the most populous metropolitan areas in the US; expanded its sales force and enhanced its go to market strategy; and developed and introduced new products and operational tools. RTI has more than doubled its annual rate of customer growth, increasing the overall customer base by more than 30%, translating into over 65% growth in EBITDA. The investments made and the growth of the business have been accompanied by an increase of 50% in RTI’s employee base.
“During EQT Infrastructure’s ownership, RTI has achieved a significant transformation and is on its way to becoming the industry standard for cooking oil management. It has been exciting to watch the business grow and to accelerate the growth rate of the Company’s core business while opening new markets and adding new services to its offering. We believe that Aurora has the right expertize to build the business even further,” said Alex Darden, Partner at EQT Partners Inc., Investment Advisor to EQT Infrastructure.
“RTI has flourished under EQT’s ownership and is well positioned for the next phase of growth. We have successfully grown our infrastructure footprint and continue to find new ways to add value to our customers’ operations. I am excited to accelerate our growth further, take advantage of RTI’s scalable model, and provide even more efficient service to customers under our new ownership,” said Jeffrey R. Kiesel, CEO of RTI.
EQT Infrastructure has been advised by RBC Capital Markets, LLC and Weil, Gotshal and Manges LLP.
For additional information, please contact:
Alex Darden, Partner at EQT Partners, Investment Advisor to EQT Infrastructure, +1 917 281 0840
Kerstin Danasten, EQT Press Contact, +46 8 506 55 334
Jeffrey R. Kiesel, CEO RTI, +1 651 796 1609
About EQT
EQT is the leading private equity group in Northern Europe, with portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and approximately 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
EQT Infrastructure is a EUR 1.2 billion fund investing in medium-sized infrastructure businesses in the Nordic region, parts of Continental Europe, and North America. Investment targets are regulated infrastructure, concession-based infrastructure, market-based infrastructure and infrastructure-related services.
More information can be found on www.eqt.se
About RTI
RTI is a Minneapolis-based company providing edible oil management and distribution services to over 22,000 national restaurant chains, independent operators, grocery delis, universities, hospitals and other foodservice outlets. RTI currently operates 41 depots across the United States using a national fleet of specialized rolling stock and a sophisticated route management system. For more than 15 years RTI has helped the foodservice industry improve food quality and consistency, operational efficiency, safety, cleanliness and sustainability through the automated delivery, storage, handling and disposal of fryer oil. RTI has approximately 765 full-time employees.
More information can be found on www.rti-inc.com
About Aurora
Aurora is a Los Angeles-based private investment firm managing over USD 2 billion of capital across several funds. Aurora's traditional private equity vehicle focuses principally on control investments in middle market businesses with leading market positions, strong cash flow profiles, and actionable opportunities for growth in partnership with operating management. Aurora was founded in 1991 and currently invests out of its fourth private equity fund.
More information can be found on www.auroracap.com