Two major catering equipment spare parts suppliers, LF and GEV, are now operating as sister businesses, following private equity firm Riverside’s purchase of Italian-based LF.
Riverside already owned the majority share of German counterpart GEV, with the spares firm also recently acquiring UK brand Commercial Catering Spares.
In the new partnership, LF and GEV now operate under the same holding company but will remain independent, retain their brands and own commercial organisations whilst cooperating to increase product ranges, improve spare parts availability and ensure the highest levels of service to spare parts distributors and maintenance engineers.
“Our customers can continue to rely on both companies: neither the contact person nor the office will change, so customers and suppliers can continue working with their preferred partner,” both Alexander Wiegand, CEO of GEV, and Vittorio Ricci, CEO of LF, stated.
Both firms believe the move will give customers greater geographical coverage, a combined spare parts network and access to the expertise of both sets of employees.
This buyout is the latest in a series of consolidations for the catering spare parts sector, following First Choice Group’s acquisition by PT Holdings LLC, the parent company of US giant Parts Town, in March 2017.