CoolSys said March 21 that it was sold to the Private Equity Group of Ares Management Corp. Financial terms weren’t announced. Management is investing. CoolSys is a refrigeration and HVAC services company.
BREA, Calif.–(BUSINESS WIRE)–CoolSys™, a parent of market-leading refrigeration and HVAC companies nationwide, announced today that is has been acquired by a fund managed by the Private Equity Group of Ares Management Corporation. CoolSys will continue to operate under its current executive team, which will collectively maintain a significant equity investment in the company. Financial terms of the private transaction were not disclosed.
“This is a major milestone for CoolSys,” comments Adam Coffey, CEO of CoolSys. “We are grateful to our former private equity partner, Audax Group, for supporting the execution of our growth strategies during the past three years. Now, with Ares’ additional support and resources, we can pursue a more aggressive acquisition and expansion strategy while we continue to deliver best-in-class solutions for our customers’ mission–critical refrigeration and HVAC systems throughout North America.”
Over the past three years, CoolSys has undergone transformative growth with eight acquisitions to expand its presence and reinforce its service capabilities in key geographic markets across the U.S., earning the company recognition as one of the top 10 fastest-growing private companies in Orange County, Calif. by the Orange County Business Journal. The company plans to continue its growth organically as well as through strategic acquisitions following its partnership with Ares. To accommodate its growing operations and staff, CoolSys expanded into a 27,000 square-foot headquarters in Brea, Calif. in December 2017. The company currently employs a team of more than 2,000 employees nationwide and is in active discussions with several potential acquisition targets.
“CoolSys is the recognized leader in the fragmented refrigeration & HVAC services market. We are impressed by its rapid growth, blue-chip customer portfolio, expanding set of customer solutions, highly capable leadership team, and strong employee-centric culture,” comments Matt Cwiertnia, partner, and co-head of North America Private Equity of Ares Management. “We look forward to partnering with CEO Adam Coffey and the entire CoolSys management team to accelerate growth both organically and through add-on acquisitions.”
CoolSys is the market-leading refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys and its operating businesses cover every stage of mission-critical systems through engineering and design, installation, service and maintenance, and energy optimization. Headquartered in Southern California, CoolSys has more than 1,400 highly trained, field-based service and installation experts serving the daily needs of more than 4,000 customers across North America. For additional information, please visit www.coolsys.com.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global alternative asset manager with approximately $130.7 billion of assets under management as of December 31, 2018 and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.