Audax Private Equity Announces the Sale of CoolSys
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Mar 21, 2019--Audax Private Equity (“Audax”), in partnership with management, has completed the sale of CoolSys, Inc. (“CoolSys”) to the Private Equity Group of Ares Management Corporation. Terms of the transaction were not 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 optimization. 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, said, “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, said, “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, P.A. served as advisors to CoolSys.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $5 billion in 120 platform and 750 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $13.0 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.
CoolSys 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. CoolSys 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, CoolSys has more than 1,400 highly trained, field-based service and installation experts serving the daily needs of more than 4,000 customers across North America. For additional information, please visit www.coolsys.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190321005464/en/
Geoffrey S. Rehnert, Co-Chief Executive Officer – (617) 859-1503
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE RETAIL OTHER RETAIL
SOURCE: Audax Group
Copyright Business Wire 2019.
PUB: 03/21/2019 10:45 AM/DISC: 03/21/2019 10:45 AM