Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has acquired TP Electrical, a provider of electrical contracting services. The acquisition of TP Electrical builds on the Source’s platform as a provider of commercial refrigeration and HVAC services serving supermarket chains, convenience store chains, and telecom and industrial companies.
TP Electrical is a provider of electrical and energy management system (EMS) contracting services to grocery, commercial, industrial, and retail clients across the Southeastern United States. TP holds electrical licenses in Alabama, Georgia, Florida and North Carolina and is certified in all major brands of grocery-related EMS controllers. The company is based in White, GA (no website found).
“TP is well established in the southeastern US market for refrigeration and HVAC electrical and EMS services and has provided a long history of quality solutions and service to grocery, commercial, industrial, and retail clients,” said Sal Gagliardo, an Operating Partner at Arsenal Capital. “The acquisition of TP strengthens the capabilities of our existing service and installation operations in the southeast and supports our overall strategy of continuing to expand our national footprint while we build an industry-leading independent refrigeration and HVAC company”.
“We are excited to add TP’s capabilities and strong customer relationships to our growing southeast team, and we welcome TP’s employees and customers to the Source family,” said Bruce Buchholz, Chief Executive Officer of Source. “Expansion in the southeastern United States continues to be an important strategic focus for us. The TP acquisition allows us to offer our existing southeast customers expanded service and construction-related electrical and EMS capabilities. It also allows us to provide a broader offering for installation jobs with existing and new customers throughout the entire southeast. TP’s expertise coupled with Source’s existing service and installation operations in Florida.
Source Refrigeration & HVAC was acquired by Arsenal in 2006 and is a provider of commercial refrigeration and HVAC services serving the nation’s top supermarket chains, many of the largest convenience store chains and leading telecom and industrial companies. The company has approximately 1000 employees and is based in Anaheim, CA (www.sourcerefrigeration.com).
Arsenal Capital Partners makes investments in middle-market specialty industrial, healthcare and financial services companies with $50 million to $400 million in enterprise value. The firm invests in niche industry sectors where it has prior experience and where its operating resources can help facilitate incremental growth and margin improvement. Industries of specific interest include: specialty & fine chemicals; segments of healthcare; transportation and logistics; power generation; aerospace & defense; process industry components and services; and financial services. Arsenal currently has $800 million of committed equity capital and is based in New York (www.arsenalcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-11-13
