The transaction is valued at approximately $11.5million. Danby paid Mac-Gray $8.5m in cash, and assumed existing liabilities and financial obligations for MicroFridge totalling approximately $3m.
MicroFridge sells a proprietary line of products, primarily its combination refrigerators/freezers/microwave ovens using its Safe Plug circuitry. The products are marketed throughout the USA to colleges, hotels and motels, and assisted living facilities, as well as to the federal government for military housing.
