Krystal leads the sale of Key Food Equipment Services

Krystal led the sale of 100% of the shares of Key Food Equipment Services Ltd. to Heritage Food Service Group Inc.

Krystal, together with Paul Clinton and a third investment partner, purchased Key food in October 2009 from founder/owner Jean Choquette. The new shareholders quickly began building on the strong foundation laid by Jean. General Manager Ken Beasley was promoted to President and started working closely with Krystal and Paul Clinton on operational improvement and growth initiatives. During Krystal’s ownership Key Food made acquisitions in Kelowna, BC and Lethbridge, AB and expanded into Saskatchewan. In-line with its belief in a partnership-style approach where both management and shareholders share in the success of the business, Ken Beasley acquired a 10% interest in the company over his tenure as President, which allowed him to share in the substantial value he helped create.

Heritage Food Service Group Inc. is a leader in commercial kitchen equipment service in the U.S., with a focus on parts distribution. Key Food, in addition to Toronto-based R.G. Henderson & Son Limited (acquired in early 2013), will play an integral role in transforming Heritage into the largest integrated commercial kitchen equipment service provider in North America, allowing it to better service its customers through increased scale, geographic reach and buying power. Ken and his management team will continue to lead the Western Canadian operations of Key Food. Krystal and its investment partners realized a 4.4x cash-on-cash return over the 4 ½ years they owned the investment.

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