PMC Capital Partners LLC has acquired The AMS Group’s Chino branch. The seller is Hill Phoenix, a part of Dover Food Retail. No financial terms were disclosed. AMS Group is an aftermarket service solution provider in the commercial and industrial refrigeration and HVAC services market.
CHINO, Calif., March 9, 2020 /PRNewswire/ — PMC Capital Partners, LLC announced today that it has acquired the Chino branch of The AMS Group, one of the largest aftermarket service solution providers in the commercial and industrial refrigeration and HVAC services market, headquartered in Southern California, from Hill PHOENIX, Inc., a part of Dover Food Retail, and a wholly-owned indirect subsidiary of Dover Corporation. A newly formed entity, Arctic Cooling Systems, LLC (ACS), has acquired the business and will continue to operate it under the current management team. Terms of the transaction were not disclosed.
Paul Sindoni, President of Dover Food Retail, said, “I am delighted by the family-style, yet professional nature of the private investment firm. I am confident that PMC Capital will take great care of the Chino branch team and support its long-term legacy of providing superior services and solutions to its customers. I look forward to working with the team during the ownership transition.”
“This is a major milestone for ACS,” said Adam Handwerker, General Manager of ACS. “We are grateful to PMC Capital for their additional resources and investment in our people. Their support will enable us to pursue a more aggressive growth and expansion strategy while still delivering best-in-class solutions to our customers throughout Southern California and nationally, especially when it comes to critical commercial and industrial refrigeration and HVAC systems.”
Matthew Franco, Director of Construction, shared Adam’s sentiments. “Our team received the news with excitement regarding the growth opportunities that this investment can bring. With the support from the new owners, I look forward to unlocking my team’s full potential and continuing to deliver best-in-class service and solutions our customers came to expect from the Chino team.”
ACS plans to continue to grow organically as well as through strategic acquisitions through its partnership with PMC Capital. To accommodate its growing operations and staff, ACS may look to expand its 59,000 square-foot headquarters in Chino, California. The company’s service fleet consists of more than 140 mobile service vehicles and teams located in Southern California and is in active discussions with several potential acquisition targets.
“ACS is the recognized Southern California leader in the fragmented commercial and industrial refrigeration & HVAC services market,” said Chris Aye, Managing Partner of PMC Capital. “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. We look forward to partnering with Adam and the entire ACS management team to accelerate growth both organically and through add-on acquisitions.”
About Arctic Cooling Systems, LLC
Arctic Cooling Systems, LLC (ACS) is a 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. ACS 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, ACS has more than 100 highly trained, field-based service and installation expert technicians serving the daily needs of a wide range of preeminent customers across Southern California. For additional information, please visit www.arcticcoolsys.com.
About PMC Capital Partners, LLC
PMC Capital is a private equity firm that invests in strategic opportunities where thought, operational resources and flexible capital can empower management teams to execute their business plans. With over 100 years of collective private equity experience, we bring a successful track record of executing corporate carve-outs, recapitalizing balance sheets, acquiring founder-owned companies, and completing bolt-ons. PMC Capital targets control investment opportunities in the business services, industrial sectors, TMT, consumer, and healthcare. The firm is headquartered in Los Angeles, California. For more information, visit www.pmccapital.com
About Hill PHOENIX
Hill PHOENIX Inc., a Dover Company, is based in Conyers, GA. The company designs and manufactures commercial refrigerated display merchandisers and specialty products, refrigeration systems, integrated power distribution systems and walk-ins. In addition, an extensive network of independent dealers works together with Hill PHOENIX service and support centers to service the needs of customers throughout North America. Visit the company on the Web at www.hillphoenix.com.