Fournier is a provider of refrigeration and HVAC service solutions to grocery, commercial, industrial, and retail clients throughout Florida and South Carolina. Services including maintenance programs, emergency repairs, new installations and remodels of refrigeration and HVAC systems. The company is based in Jacksonville, FL (www.fournierair.com).
Source Refrigeration & HVAC was acquired by Arsenal in 2006 and is a provider of commercial refrigeration and HVAC services to supermarket chains, convenience store chains and telecom and industrial companies. The company has approximately 1,100 employees and is based in Anaheim, CA (www.sourcerefrigeration.com).
“Fournier is well-established in the Florida and South Carolina core markets for mission critical refrigeration and HVAC services and provides Source with complementary capabilities and expanded market coverage in the southeast,” said Sal Gagliardo, an Operating Partner at Arsenal Capital Partners.
Earlier this month, Source Refrigeration & HVAC completed the add-on acquisition of TP Electrical, a provider of electrical and energy management system contracting services to grocery, commercial, industrial, and retail clients located in the Southeastern United States.
“The recent acquisition of TP Electrical and now Fournier demonstrates our commitment to expand Source into the leading service provider in the Southeast and to better serve our valuable national and local customer base,” said Mr. Gagliardo. “We will continue to review opportunities for further expansion of Source’s national presence and service offering.”
Arsenal Capital Partners makes investments in middle-market specialty industrial, healthcare and financial services companies with $50 million to $400 million in enterprise value. The firm invests in niche industry sectors where it has prior experience and where its operating resources can help facilitate incremental growth and margin improvement. Industries of specific interest include: specialty & fine chemicals; segments of healthcare; transportation and logistics; power generation; aerospace & defense; process industry components and services; and financial services. Arsenal currently has $1.6 billion of committed equity capital and is based in New York (www.arsenalcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-28-13