Source Refrigeration Holdings (DBA CoolSys), the parent of company of a number of refrigeration and HVAC companies nationwide and a portfolio company of Audax Private Equity, has acquired Arjae HVAC and Mechanical Services. Audax acquired Source Refrigeration from Arsenal Capital Partners in December 2015.
Arjae HVAC and Mechanical Services provides commercial and industrial HVAC installation and services, as well as sheet metal fabrication – aluminum, galvanized steel, stainless steel, carbon steel, and copper – throughout the Pacific Northwest.
The company’s customers are active in a range of sectors including retail, warehouse and manufacturing facilities, office buildings, schools and libraries. Arjae was founded in 1986 and has a 25,000 sq. ft. facility and headquarters near Portland in Milwaukie, OR (www.arjae.com).
CoolSys 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 more than 1,200 field-based service and installation experts serving the daily needs of more than 4,000 customers across North America. CoolSys, led by CEO Adam Coffey, is headquartered near Los Angeles in Brea, CA (www.coolsys.com).
The buy of Arjae strengthens CoolSys’ presence in the Pacific Northwest and expands its HVAC capabilities. “The acquisition of Arjae is an exciting step in our strategic growth plan,” said Mr. Coffey. “While we have been a market leader in commercial refrigeration-related services in the Pacific Northwest for many years, the addition of Arjae to our portfolio provides greater market density and also expands our HVAC capabilities, including sheet metal fabrication, in this important market. This will allow us to offer an even broader solution set to new and existing customers.”
Audax 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. Since founding in 1999, Audax has invested $5 billion in 118 platforms and 715 add-on companies. The firm has offices in Boston, New York and San Francisco (www.audaxgroup.com).
© 2019 Private Equity Professional | January 25, 2019
