MRO Magazine

Audax Private Equity Acquires Source Refrigeration & HVAC, Inc.


January 6, 2016
By Business Wire News

BOSTON

Audax Private Equity today announced that it has partnered with management to acquire Source Refrigeration & HVAC, Inc. (“Source”) from Arsenal Capital Partners. Terms of the transaction were not disclosed.

Source, headquartered in Anaheim, CA, is a leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation’s top food retailers, convenience store chains, telecommunication providers, and industrial companies. Through its national network of technicians and service locations, Source provides mission-critical design, installation, environmental and energy optimization, and maintenance services. For more information, visit www.sourcerefrigeration.com.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said, “Source is a recognized leader in the fragmented refrigeration services market. We look forward to partnering with Brad Howard and the entire Source team to continue growing the business organically and through add-on acquisitions.”

Brad Howard, Chairman & CEO of Source, said, “The Source team is excited to partner with Audax to help accelerate the growth of our company. We are confident that our combined talent will enable Source to increase our position as a market leader, establish an expanded geographic presence, and strengthen our status as the service provider and employer of choice.”

William Blair & Co. and DLA Piper advised Source and Arsenal Capital Partners. Kirkland & Ellis served as counsel to Audax Private Equity.

ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested over $3 billion in 93 platform and 440 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 Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $9 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.

Audax Group
Don Bramley, 617-859-1535
Managing Director
or
David Wong, 617-859-1558
Managing Director
or
Source Refrigeration
Brad Howard, 714-578-2300
Chairman & CEO