Audax Private Equity has acquired Source Refrigeration & HVAC (Source) from Arsenal Capital Partners. Arsenal acquired the company in January 2007.
Source provides commercial refrigeration and HVAC services to food retailers, convenience store chains, telecommunication providers, and industrial companies. Services include design, installation, environmental and energy optimization, and maintenance services. The company has approximately 1,000 field-based service and installation technicians and more than 2,500 customers located nationwide. Source is headquartered in Anaheim (www.sourcerefrigeration.com).
“Source is a recognized leader in the fragmented refrigeration services market. We look forward to partnering with CEO Brad Howard and the entire Source team to continue growing the business organically and through add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax Group.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
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).
William Blair & Co. (www.williamblair.com) and DLA Piper (www.dlapiper.com) advised Source and Arsenal Capital Partners. Kirkland & Ellis (www.kirkland.com) served as legal counsel to Audax.
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-8-16
