Source Refrigeration & HVAC (Source), a portfolio company of Arsenal Capital Partners, has acquired Service Refrigeration, LLC. This is the fourth add-on acquisition for Source since being acquired by Arsenal in January 2007.
Service Refrigeration is a provider of refrigeration and HVAC services to grocery, commercial, and industrial clients throughout the state of Texas. Services include maintenance programs, emergency repairs, new installations and remodels of mission-critical refrigeration and HVAC systems. The company has over 150 full time employees in five service regions across Texas. Service Refrigeration was founded in 1986 by current president W.L. “Butch” Edmonds Jr. and is based in Houston (www.servref.com).
Source Refrigeration & HVAC is a provider of commercial refrigeration and HVAC services to supermarket chains, many of the largest convenience store chains and leading telecom and industrial companies. With over 1200 employees and service locations nationally, Source designs, installs, services, maintains and optimizes mission-critical refrigeration & HVAC systems. The company is headquartered in Anaheim, CA (www.sourcerefrigeration.com).
The acquisition of Service Refrigeration builds on Source’s platform as a leading provider of commercial refrigeration and HVAC services in North America, serving the nation’s top supermarket chains, many of the largest convenience store chains, and leading telecom and industrial companies.
“Service Refrigeration is well-established in the Texas market for mission critical refrigeration and HVAC services and provides Source with complementary capabilities and expanded market coverage in the state. The acquisition of Service Refrigeration demonstrates our continued commitment to further expand and strengthen Source’s national presence and service offering,” said Sal Gagliardo, an Operating Partner at Arsenal Capital Partners.
Arsenal Capital Partners invests in middle-market specialty industrial and healthcare companies that have $50 million to $250 million in enterprise value. Industries of specific interest include specialty & fine chemicals; segments of healthcare; transportation and logistics; power generation; aerospace & defense; and process industry components and services. Arsenal has $1.7 billion of committed capital under management. The firm was founded in 2000 and has offices in New York and Shanghai (www.arsenalcapital.com).
“Service Refrigeration has built a solid reputation for performing with an impressive group of accounts,” said Brad Howard, President and Chief Executive Officer of Source. “We are excited to welcome their employees and their customers into the Source portfolio. Our combined capabilities will provide a great platform for serving Texas.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-15-14