Climate Pros, a portfolio company of Saw Mill Capital, has acquired Norfoxx Refrigeration and Tri-Temp Refrigeration.
Both Norfoxx and Tri-Temp are providers of refrigeration and HVAC services in Texas. Norfoxx serves the cities of Dallas, Fort Worth, Austin, San Antonio, Corpus Christi and McAllen while Tri-Temp serves the Houston metropolitan area (www.norfoxxinc.com) (www.ttri.com).
Saw Mill acquired Climate Pros, a provider of refrigeration maintenance, repair, remodel and installation services to grocery retailers and other cold-chain customers, in December 2017. Customers of the company include Walmart, Whole Foods, Safeway, Costco, Aldi, Albertsons, AbbVie, Pfizer, Roundy’s and others. Climate Pros has more than 400 employees and facilities in Glendale Heights, IL (headquarters); Pewaukee, WI; Irwindale, Stockton, Hayward and Santa Rosa, CA; Tamarac, FL; Westland and Grand Rapids, MI; Brooklyn Park, MN; and Honolulu, HI. The company was founded in 2006 (www.climateprosinc.com).
“The acquisitions of Norfoxx Refrigeration and Tri-Temp Refrigeration enlarge our geographic reach and allow us to serve our customers in an increased capacity in six new regions. We are excited to welcome them to our team and honored that existing management chose us to help them grow their businesses in Texas,” said Todd Ernest, CEO of Climate Pros.
The buys of Norfoxx and Tri-Temp are the second and third add-ons completed by Climate Pros in 2019 and follow the March buy of Market Mechanical, a Brooklyn Park, MN-based provider of refrigeration and HVAC services to the Minneapolis-St. Paul region. Saw Mill and Climate Pros are actively seeking additional acquisitions.
“Our cold-chain customers continue to pull us into new, growing regions to improve their continuity of service across their multi-regional footprint. The integration of Norfoxx Refrigeration to our platform in conjunction with Tri-Temp Refrigeration will provide the scale to support all of our cold-chain customers throughout the growing Texas markets,” said Tim Nelson, a partner at Saw Mill.
Climate Pros is a portfolio company of Saw Mill’s most recent private equity fund, Saw Mill Capital Partners II LP, which closed in July 2017 with an above-target $340 million in capital commitments.
Saw Mill invests in North American-based manufacturing, industrial and commercial service, and specialty distribution businesses with $25 million to $200 million of revenues and $5 million to $25 million of EBITDA. The firm was founded in 1997 and is headquartered north of New York City in Briarcliff Manor, NY (www.sawmillcapital.com).
© 2019 Private Equity Professional | May 17, 2019