Arsenal Capital Partners’ Source acquires Service Refrigeration

Arsenal Capital Partners‘ portfolio company Source Refrigeration & HVAC has acquired Service Refrigeration. Based in Houston, Service Refrigeration is a provider of Refrigeration and HVAC service solutions to grocery, commercial, and industrial clients throughout the state.

PRESS RELEASE

Source Refrigeration & HVAC (Source), a portfolio company of Arsenal Capital Partners (Arsenal), today announced the acquisition of Service Refrigeration, LLC.

Based in Houston, Service Refrigeration is a leading provider of Refrigeration and HVAC service solutions to grocery, commercial, and industrial clients throughout the state. The acquisition builds on Source’s strong platform as the leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation’s top supermarket chains, many of the largest convenience store chains, and leading telecom and industrial companies.

“Service Refrigeration has built a solid reputation for performing with an impressive group of accounts,” said Brad Howard, President and Chief Executive Officer of Source. “We are excited to welcome their employees and their customers into the Source portfolio. Our combined capabilities will provide a great platform for serving Texas.”

Sal Gagliardo, an Operating Partner at Arsenal Capital Partners said, “Service Refrigeration is well-established in the Texas market for mission critical refrigeration and HVAC services and provides Source with complementary capabilities and expanded market coverage in the state. The acquisition of Service Refrigeration demonstrates our continued commitment to further expand and strengthen Source’s national presence and service offering.”

About Service Refrigeration, LLC
Service Refrigeration Company was founded in 1986 by current president W.L. “Butch” Edmonds Jr. The company has grown steadily over the past 26 years and currently has over 180 full- time employees in five service regions across Texas. Service is a leading provider of refrigeration and HVAC solutions to grocery, commercial, and industrial clients throughout the state of Texas. They built their business through a dedication to quality and a commitment to customer satisfaction. Service offers a complete suite of services including maintenance programs, emergency repairs, new installations and remodels of mission-critical refrigeration and HVAC systems. For additional information about Service Refrigeration Company, please visit www.servref.com.

About Source Refrigeration & HVAC
Source Refrigeration & HVAC is the leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation’s top supermarket chains, many of the largest convenience store chains and leading telecom and industrial companies. With over 1200 employees and service locations nationally, Source designs, installs, services, maintains and optimizes mission-critical refrigeration & HVAC systems. For additional information about Source Refrigeration & HVAC, please visit www.sourcerefrigeration.com.

About Arsenal Capital Partners
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle-market specialty industrial and healthcare companies. Arsenal makes investments in sectors where the firm has prior knowledge and experience, and targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Arsenal currently has over $1.7 billion of committed equity capital. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.com.

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