American Refrigeration Company, a portfolio company of Southfield Capital, has acquired Capitol Engineering, a provider of HVAC services.
Capitol Engineering’s services include system design, installation, monitoring, maintenance and repair. The company serves commercial and industrial customers throughout New England.
Capitol Engineering was founded in 1937 by Clarence Chaisson and acquired by long-time employee John Frugard in 2009. The company is headquartered near Boston in Newton, Massachusetts.
Southfield acquired American Refrigerator Company (ARC), the largest independent industrial refrigeration service company in New England, in November 2017. ARC’s services include refrigeration and air conditioning system design, construction, equipment installation, and maintenance and repair services. The company’s customers are active in the food and beverage, cold storage, recreation, life sciences, pharmaceutical, and process industries.
“We have been working to find opportunities to grow the HVAC service offering at ARC,” said Chris Grambling, a principal at Southfield. “The buy of Capitol provides an exciting expansion of ARC’s HVAC capabilities in New England, enabling ARC to expand its client base and provide additional HVAC services to existing ARC customers.”
Other services provided by ARC include alternative refrigerant evaluations, freezing and cooling response assessments, energy studies, and compliance consultation. ARC, led by President Bill Fleming, was founded in 1996 and is headquartered north of Boston in Andover, Massachusetts (www.arc.cool).
“We’re delighted to welcome Capitol Engineering to the ARC family,” said Mr. Fleming. “Adding Capitol Engineering’s leadership, engineering depth, and experience to our existing team will undoubtedly enhance the HVAC service and maintenance solutions we currently provide to the region.”
Southfield Capital makes control investments in companies that are active in the outsourced business services sector and have EBITDA of $4 million to $12 million. The firm was founded in 2005 and is headquartered in Greenwich, Connecticut.
© 2021 Private Equity Professional | February 23, 2021