ANAHEIM, Calif. — Source Refrigeration & HVAC announced that it has partnered with management to acquire Refrigeration Solutions Inc. and Advanced Refrigeration Systems (together, RSI). Terms of the transaction were not disclosed.
Headquartered in Sacramento, California, RSI is a leading provider of commercial refrigeration installation and maintenance services to supermarkets, distribution centers, and cold storage facilities in Northern California.
Source’s Northern California operations will be merged with RSI, and the combined operations will be led by RSI founder Sam Wilson under the Refrigeration Solutions brand name.
Brad Howard, chairman and CEO of Source, said, “RSI is a recognized leader in the Northern California refrigeration services market, and we are excited to have Sam Wilson at the helm of our combined operations in the region. This deal is a great example of our strategy of acquiring and partnering with best-in-class local and regional refrigeration service providers.”
Sam Wilson, founder of RSI, said, “The entire RSI team is pleased to partner with Source to help accelerate the growth of our company. Our combined talent will enable us to increase our position as a market leader in the region and allow us to better serve both our customers and our employees. We are excited for our future as a part of the Source family.”
Source Refrigeration & HVAC is a 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 companies. With over 1,200 employees and service locations nationally, Source designs, installs, manages, maintains, and optimizes mission-critical refrigeration and HVAC systems. Audax Private Equity completed a majority recapitalization of Source in December 2015.
For additional information, visit www.sourcerefrigeration.com.
Publication date: 9/23/2016