| Ronin Equity builds food equipment company, Clearlake buys Mold-Rite Plastics, Partner at Martis Capital leaves firm as it eyes next fund
Happy Tuesday, PE Hub readers!
In a bid to create a global commercial refrigeration brand, Ronin Equity Partners acquired and married two Canadian equipment manufacturers – QBD and Minus Forty – generating a combined $32 million in EBITDA. The PE firm, a seven-person investment team based in New York, snapped up refrigeration equipment providers at a $230 million valuation, or just over 7x EBITDA multiple last week, sources familiar with the deal terms told PE Hub. The firm will target add-ons generating at least $1 million in EBITDA in Latin America and Europe. Ronin Equity wants to create a platform that offers refrigeration options to big conglomerates like Nestlé, Pepsi and pet food companies like Freshpet internationally. Read my full report on PE Hub.
Billion-dollar deal: Clearlake Capital Group is buying Mold-Rite Plastics, a provider of value-added packaging components like jars, dispensing closures, and child-resistant closures. According to a report by Bloomberg, existing owner Irving Place Capital had been seeking more than $1 billion, including debt, in a potential sale. Read the brief on PE Hub.
Moving on: Shahab Vagefi, founding partner at Martis Capital, left the healthcare specialist last month and plans on joining a new shop later this year, according to a friends and family email seen by Buyouts. The departure comes as Martis plans its next fund, which is likely to be launched early next year, according to a person with knowledge of the firm. Read Chris Witkowsky's story on Buyouts.
Read the full wire commentary on PE Hub...
That’s all I've got for today! Have an awesome week ahead, and as always, hit me up with tips n’ gossip, feedback and your comments at karishma.v@peimedia.com.
Also of note (may require subscriptions) Firm launch: Ex-TCV general partner David Yuan launches Tidemark Capital. The San Francisco-based private equity firm is marketing a $350m inaugural fund and makes growth equity investments in lower-mid-market technology companies in North America. Yuan remains a senior adviser to TCV, representing it on the boards of several portfolio companies. Read it on Buyouts.
Cybersecurity deal: Radware, a cybersecurity company that specializes in detecting and stopping targeted server attacks, is in talks to sell itself to private equity firm Siris Capital, as reported by CNBC.
Riding the climate change wave: American billionaire investor Tom Steyer, founder of multi-strategy asset manager Farallon Capital,has entered the fundraising fray for climate-focused investment vehicles with the launch of a new platform calledGalvanize Climate Solutions. Read more on New Private Markets.
PE Deals 
They said it “It’s [ESG] a combination of trying to set an example but also being flexible enough that we can evolve.” Stacie Selinger, head of investor relations at the institutional investor advisory GCM Grosvenor, told affiliate publication, New Private Markets.
Today's letter was prepared by Karishma Vanjani. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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