CoolSys, a portfolio company of Ares Management, has completed two add-on acquisitions with the buys of 1GNITE Solutions and Lima Company.
CoolSys provides commercial refrigeration and HVAC services to food retailers, convenience store chains, commercial and industrial companies. The company’s services include design, installation, environmental and energy optimization, and maintenance.
CoolSys has more than 3,200 employees nationwide and serves more than 45,000 customer locations across North America. The company is headquartered near Los Angeles in Brea, California.
1GNITE provides asset recovery and cleanout management services including used equipment decommissioning and resale services to mid-sized and large corporations. The company’s facility services include complex asset removal, liquidation and facility repair projects. 1GNITE’s online marketplace includes used equipment and other assets used in the food service, automotive service, material handling, and other sectors. 1GNITE, led by CEO Brian Dick, is headquartered north of Dallas in Frisco, Texas, and has facilities in Texas, Indiana, New York, Oklahoma, Washington, Arizona, Arkansas and South Carolina.
“As part of the CoolSys family of companies, we are excited to bring our specialized and unique solutions to new customers and new markets,” said Mr. Dick. “At 1GNITE, we understand the demands and constraints faced by our clients and work to maximize the value of their used assets or surplus inventory while minimizing the cost of facility cleanouts and helping them achieve their ESG goals.”
“This latest acquisition reflects CoolSys’ commitment to sustainability and expanding cost-effective solutions for our customers,” said Rick Frier, the chairman and interim CEO at CoolSys. “With 1GNITE, we strengthen our capabilities and build on our lifecycle solutions to offer a new sustainable and financially beneficial approach to asset recovery, equipment decommissioning and recommercing.”
Lima Company is a provider of commercial and industrial HVAC, refrigeration, plumbing and energy services throughout Eastern Pennsylvania, Delaware, Maryland and New Jersey. The Philadelphia-headquartered company was founded in 1976 by Bob Lima and has more than 100 employees.
“We’re excited to have Lima Company join the CoolSys family of companies,” said Mr. Frier. “A proven market leader, Lima Company and its management team have built a strong reputation by combining industry expertise and a client focused approach. Their values align perfectly with our mission at CoolSys to provide best-in-class service, quality products and technology at competitive prices.”
The buys of 1GNITE and Lima are the 13th and 14th acquisitions by CoolSys under Ares ownership – Ares acquired CoolSys from Audax in March 2019 – and follows the buys of Pennsylvania-based Triangle Refrigeration (November 2021), Georgia-based T&O Refrigeration (August 2021), North Carolina-based Thermal Resource Sales and Supermarket Environment Services Company (May 2021), Connecticut-based Duquette Refrigeration (March 2021), North Carolina-based C.E. Holt Refrigeration (January 2021), South Carolina-based Carolina Refrigeration (September 2020), Virginia-based Richmond Refrigeration (June 2020), Connecticut-based Eastern Refrigeration (June 2020), Virginia-based BRR Refrigeration (December 2019), Michigan-based Tech Mechanical (December 2019), Florida-based Building Air Services (October 2019), and Minnesota-based Agape Mechanical (July 2019).
Ares Management (NYSE: ARES) has approximately $378 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 $35 billion of assets and is currently investing its $5.7 billion and sixth private equity fund. Ares is headquartered in Los Angeles with offices across North America, Europe, Asia Pacific and the Middle East.
© 2023 Private Equity Professional | August 15, 2023
