Source Refrigeration & HVAC, which is backed by Arsenal Capital Partners, has acquired Fournier Air Conditioning and Refrigeration. Financial terms weren’t announced. Jacksonville, Fla.-based Fournier provides refrigeration and HVAC services to grocery, commercial, industrial, and retail clients throughout Florida and South Carolina.
Source Refrigeration & HVAC (Source), a portfolio company of Arsenal Capital Partners (Arsenal), today announced the acquisition of Fournier Air Conditioning and Refrigeration – Florida (Fournier).
Based in Jacksonville, Florida, Fournier is a leading provider of Refrigeration and HVAC service solutions to grocery, commercial, industrial, and retail clients throughout Florida and South Carolina. 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.
“We are excited to add Fournier’s service and installation offering and strong customer relationships to our growing platform, and welcome their employees and customers to the Source family,” said Bruce Buchholz, President and Chief Executive Officer of Source. “Expansion in the southeastern United States continues to be a critical element of our national expansion strategy,” added Buchholz. “Fournier enjoys strong, long-standing relationships with the leading grocery retailers in their markets and we look forward to continuing to serve them with expanded capabilities. This acquisition, along with our existing Source operations in Alabama, Florida and Georgia, position us well for continued growth and penetration throughout the southeast.”
Neil Lansing, President of Fournier, commented that “Source’s commitments to employee training, advanced information technologies and delivering high-quality customer solutions fit very well with Fournier’s approach to the market”. Lansing added that “the Fournier team is excited to join forces with a national market leader like Source who has the resources, focus and offerings to grow the business and take customer service to the next level.”
Sal Gagliardo, an Operating Partner at Arsenal Capital Partners said, “Fournier is well-established in the Florida and South Carolina core markets for mission critical refrigeration and HVAC services and provides Source with complementary capabilities and expanded market coverage in the southeast. The recent acquisition of TP Electrical and now Fournier demonstrates our commitment to expand Source into the leading service provider in the southeast and to better serve our valuable national and local customer base. We will continue to review opportunities for further expansion of Source’s national presence and service offering.”
About Fournier Air Conditioning and Refrigeration Fournier is a leading provider of refrigeration and HVAC solutions to grocery, commercial, industrial, and retail clients across the Southeastern United States. Fournier offers a complete suite of services including maintenance programs, emergency repairs, new installations and remodels of mission-critical refrigeration and HVAC systems. Their growth and leading market-share position are attributed to their reputation for outstanding quality and reliability. For additional information about Fournier Air Conditioning and Refrigeration, please visit www.fournierair.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 1100 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 $1.6 billion of committed equity capital. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.com.