Catering equipment giant Ali Group reportedly had to shell out more than £360m to prise ice machines maker Scotsman Industries from its private equity owners, according to the Wall Street Journal.
Ali Group announced last week that it had reached an agreement to take over the US-based manufacturing business, but did not disclose the value of the deal.
However, the US newspaper said Ali Group was paying $575m (£362m) for the business, citing sources familiar with the situation.
If accurate, the fee is more than three times the $160m (£101m) that private equity firm Warburg Pincus paid when it took over the company three years ago.
The Journal reported that Warburg had made back its investment in Scotsman before the sale, collecting about $200m (£126m) in dividend payments.
Warburg’s managing director, David Barr, said last week: “We are pleased that [Scotsman] will be joining forces with the Ali Group, a world-class provider in the foodservice equipment industry, which will enable them to build on their success.”
Ali Group sees the acquisition as an important strategic addition to the business, instantly making it a market-leader in commercial ice machines.
Scotsman employs 800 staff and operates five manufacturing facilities. It currently produces more than 300 models of ice machines, storage bins, and ice and water dispensers.