Source Refrigeration Holdings (DBA CoolSys), a portfolio company of Ares Management and the parent company of refrigeration and HVAC companies nationwide, has acquired Building Air Services.
Building Air Services provides heating, ventilation, air conditioning and refrigeration services (HVAC-R) to commercial customers – including Dollar Tree, Petco, AutoNation, Office Depot, and FedEx – throughout Florida, North Carolina, South Carolina, Georgia, Alabama, Mississippi, Louisiana, Texas and Arizona. The company operates a dispatch center at its headquarters near Tampa in Pinellas Park, FL and its fleet of trucks are GPS-equipped. Building Air Services is led by CEO Steve Boose.
CoolSys provides commercial refrigeration and HVAC services to food retailers, convenience store chains, commercial and industrial companies. Services include design, installation, environmental and energy optimization, and maintenance services. The company has more than 2,000 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.
Ares Management acquired CoolSys from Audax Private Equity in March 2019. Audax acquired the company in December 2015 from Arsenal Capital Partners.
The buy of Building Air Services is the second under Ares’ ownership. In July 2019 it acquired Agape Mechanical, a provider of HVAC, refrigeration, electrical and plumbing services, as well as hot water hydro-scrubbing, to the commercial and industrial sectors. Agape Mechanical is based near Minneapolis in Lakeville, MN. Over the past three years, CoolSys has now completed ten add-on acquisitions that have expanded both its services capabilities and geographic footprint.
Ares Management (NYSE: ARES) has approximately $130 billion of assets under management and invests in private equity, leveraged loans, high-yield bonds, distressed debt and private debt. Within Ares, its private equity group manages $23 billion of assets and is currently investing its fifth private equity fund with $7.8 billion of committed capital. Ares is headquartered in Los Angeles with offices across the United States, Europe, Asia and Australia.
© 2019 Private Equity Professional | October 10, 2019
