Warminster, PA — On May 1, 2019, Cornerstone Capital Holdings acquired Powers Equipment Company (“Powers”), a leading manufacturer of commercial refrigeration equipment.
Powers was founded in 1935, and today the company builds and sells proprietary refrigeration products across a variety of applications including Beer Line Chillers, Beverage, Dairy and Floral Coolers, as well as Scientific environmental chambers. The company’s key sales channels are foodservice, retail and scientific research organizations.
Cornerstone is partnering with Ken Regula who will immediately become the company’s President and CEO. Ken previously operated and was a shareholder of Pace Packaging Corporation (“Pace”), a packaging machinery business and former Cornerstone portfolio company, from 2001 through 2014. Ken has amassed over thirty-eight years of manufacturing experience and is excited to take over the reins at Powers.
“We are very impressed with the business built by the Powers family over three generations, and we thank Bruce Powers for entrusting us with its future,” remarked Mr. Regula. “We believe this company has tremendous potential to continue growing with its customers while developing new, innovative solutions to meet their evolving needs.”
Cornerstone principal Jonathan Alt added “We believe this is a wonderful combination. Powers Equipment has earned a strong reputation in its markets for delivering excellent quality and service. Ken Regula has proven himself to be an extremely talented business leader and was successful in growing Pace considerably during Cornerstone’s ownership period. We are confident he will have the same success at Powers and we look forward to supporting him in his efforts.”
Powers is the third acquisition by Cornerstone in 2019 and becomes its eighth active portfolio company.
Cornerstone Capital Holdings is a diversified holding company comprised of leading manufacturing and industrial service businesses. Cornerstone companies serve aerospace, defense, space and various industrial markets from twelve locations throughout North America. Founded in 2000, Cornerstone has grown both organically and through multiple, targeted acquisitions.