Audax Private Equity (Audax), in partnership with management, has completed the sale of CoolSys to the Private Equity Group of Ares Management Corporation. Terms of the transaction have not been disclosed.
Headquartered in Brea, CA, CoolSys is a leading refrigeration and HVAC services company and provides a full spectrum of services and solutions to 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 optimisation. Since its founding in 2001, CoolSys has grown to employ more than 2,000 individuals who serve more than 4,000 customers across 30,000 individual locations in North America.
Geoffrey S Rehnert, Co-Chief Executive Officer, Audax Group, says: “We are proud to have supported Adam Coffey and the CoolSys team in creating a leading platform within the refrigeration and HVAC services space. With a national geographic footprint, CoolSys is able to provide exceptional service to both local and national brands. We wish continued growth and success for the CoolSys team with their new partner.”
Adam Coffey, CEO of CoolSys, says: “Audax has been instrumental in helping to grow CoolSys. Together we have assembled a world-class management team and successfully completed eight add-on acquisitions to develop a national footprint and a full range of service offerings across the lifecycle of refrigeration and HVAC services. We believe that the Company is well positioned to continue our growth trajectory and we look forward to partnering with Ares Management.”
Lincoln International, Focal Point Partners, Kirkland & Ellis LLP, and Fredrikson & Byron, PA served as advisors to CoolSys.
