BOSTON — Audax Private Equity announced that it has partnered with management to acquire Source Refrigeration & HVAC Inc. from Arsenal Capital Partners. Terms of the transaction were not disclosed.

Source, headquartered in Anaheim, California, 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.

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 and 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.”

For more information about Source Refrigeration & HVAC, visit

For more information about Audax Private Equity, visit

Publication date: 2/22/2016

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!