Source Refrigeration Buys TP Electrical

Source Refrigeration & HVAC, which is backed by Arsenal Capital Partners, has acquired TP Electrical. Financial terms weren’t announced. White, Ga.-based TP provides electrical and EMS contracting services to grocery, commercial, industrial, and retail clients across the Southeastern United States.

PRESS RELEASE

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

Based in White, Georgia, TP is a leading southeast provider of electrical and EMS contracting services to grocery, commercial, industrial, and retail clients across the Southeastern United States. The acquisition builds on the strength of Source’s 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 TP’s capabilities and strong customer relationships to our growing southeast team, and we welcome TP’s employees and customers to the Source family,” said Bruce Buchholz, Chief Executive Officer of Source. “Expansion in the southeastern United States continues to be an important strategic focus for us,” added Buchholz. “The TP acquisition allows us to offer our existing southeast customers expanded service and construction-related electrical and EMS capabilities. It also allows us to provide a broader offering for installation jobs with existing and new customers throughout the entire southeast. TP’s expertise coupled with Source’s existing service and installation operations in Florida and Georgia, position us extremely well for continued growth in the broader southeastern market.”

Sal Gagliardo, an Operating Partner at Arsenal Capital said, “TP is well established in the southeastern U.S. market for refrigeration and HVAC electrical and EMS services and has provided a long history of quality solutions and service to grocery, commercial, industrial, and retail clients. The acquisition of TP strengthens the capabilities of our existing service and installation operations in the southeast and supports our overall strategy of continuing to expand our national footprint while we build an industry-leading independent refrigeration and HVAC company”.

About TP Electrical
TP Electrical is a leading provider of refrigeration and HVAC electrical and EMS solutions to the grocery, commercial, industrial, and retail clients across the Southeastern United States.TP holds electrical licenses in Alabama, Georgia, Florida and North Carolina and is certified in all major brands of grocery-related EMS controllers. They have long-standing relationships with leading grocery retailers and general contractors throughout the southeast.

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 1000 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, 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. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.com.