New Albany-based Master-Bilt is in the process of being sold.
Master Bilt, which reportedly employs more than 300 people in New Albany, will be sold to Ten Oaks Group of Charlotte, N.C. The closing of the sale is expected to occur in the next 45 days.
Master-Bilt is currently owned by Standex Refrigerated Solutions Group of Salem, N.H.
Standex, which purchased Master-Bilt in 1971, is also selling its Hudson, Wisc.-based Nor-Lake refrigeration business to Ten Oaks Group.
“Standex continually assesses its portfolio of businesses to ensure alignment with its long-term strategic vision,” a news release states. “As part of this assessment, Standex determined that the Refrigerated Solutions Group (RSG), specifically the Master-Bilt and Nor-Lake brands, no longer aligns with its long-term strategy. This review was a thoughtful one in which a variety of factors were carefully weighed and ultimately a decision was made to pursue a sale.”
Both Standex and the buyer believe the Refrigerated Solutions Group business continues to offer competitive advantages including strong market brands, dedicated and capable employees and attractive products, the release adds.
“Until the sale is completed, we will remain focused on ‘business as usual,’ working with our customers and channel partners to retain and grow opportunities for Master-Bilt and Nor-Lake,” the release says.