Audax Adds to CoolSys

Audax Adds to CoolSys

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 Energy Squared. Audax acquired Source Refrigeration from Arsenal Capital Partners in December 2015.

Energy Squared is a consulting engineering firm providing mechanical, electrical, plumbing and refrigeration (MEPR) engineering analysis and design for all types of buildings, including commercial, industrial, retail, hospitality/entertainment/leisure, mixed-use and multifamily residential facilities. Energy Squared, led by Allan Samuels and Clive Samuels, is headquartered in Princeton, NJ, with additional offices in San Antonio and Orlando (

“This is a tremendous opportunity for Energy Squared,” said Allan Samuels. “By combining our team of MEPR engineering professionals with an extensive list of long-term customers, we bring a significant amount of synergy and growth potential to the CoolSys business.”

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 1,400 field-based service and installation experts serving the daily needs of more than 3,500 customers across North America.

CoolSys’ operating companies include Source Refrigeration (Anaheim, CA); Service Refrigeration Company (Houston, TX); Refrigeration Solutions (Sacramento, CA); Advanced Refrigeration Systems (Sacramento, CA); Legacy Air (Phoenix, AZ) and Axiom Energy Solutions (Savannah, GA). CoolSys, led by CEO Adam Coffey, is headquartered near Los Angeles in Brea, CA (

“The addition of Energy Squared to the CoolSys family of operating companies is very exciting. Adding 100 engineers to our team not only significantly expands our engineering resources, expertise, and technological sophistication, but gets us involved at the inception point of projects in existing and new verticals,” said Mr. Coffey. “We are confident that the Energy Squared team will make vital contributions to our organization as we expand our spectrum of services and broaden our customer set.”

Audax Group 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. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (

© 2018 Private Equity Professional | July 23, 2018

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