Source Refrigeration & HVAC, which is backed by Arsenal Capital Partners, has acquired Atlanta-based DHR Mechanical Services-Georgia. DHR is a provider of HVAC services to grocery, commercial and retail clients. Terms of the deal were not released.
Source Refrigeration & HVAC (Source), a portfolio company of Arsenal Capital Partners (Arsenal), today announced the acquisition of DHR Mechanical Services-Georgia (DHR).
Based in Atlanta, Georgia, DHR is a leading provider of Refrigeration and HVAC service solutions to grocery, commercial, industrial, and retail clients across the Southeastern United States. 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 companies.
“We are excited to add DHR’s service offering and strong customer relationships to our growing platform, and welcome DHR’s employees and customers to the Source family,” said Lauren Abrams, Chief Executive Officer of Source. “Expansion in the southeastern United States has been a strategic focus of ours for several years,” added Abrams. “The DHR acquisition, coupled with the recent openings of Source service operations in Florida and Georgia earlier in 2011, position us well for continued growth throughout the southeast.”
Sal Gagliardo, an Operating Partner at Arsenal Capital said, “DHR is well established in the southeastern U.S. market for refrigeration and HVAC services and has provided a long history of quality solutions and service to grocery, commercial, industrial, and retail clients. The acquisition of DHR and the merger with Source represents an important milestone in our strategy to expand our national footprint and to further build an industry-leading independent refrigeration and HVAC company”.
About DHR Mechanical Services-Georgia
DHR Mechanical Services is a leading provider of refrigeration and HVAC solutions to grocery, commercial, industrial, and retail clients across the Southeastern United States. DHR offers a complete suite of services including maintenance programs, emergency repairs, new installations and retrofit of existing conditions and equipment.
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 companies. With over 1000 employees and service locations nationally, Source designs, installs, manages, 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, healthcare and financial services 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 $800 million of committed equity capital.