New HVACR Private Equity Firm Launches
SYRACUSE, N.Y. — Cold Chain Capital™ LLC, a Fayetteville, N.Y.-based private equity firm, announced its launch. The company focuses on the HVACR industry.
Founded by Greg Deldicque, an HVACR industry veteran, and supported by long-time senior advisors, Ken Fox, Mark Cywilko, Jean-Pierre Xiberras, Bertrand Bigay, and Brad Hardesty, Cold Chain Capital makes control investments in middle-market HVACR companies with revenues between $50 million and $500 million.
Investments span OEM/manufacturing, service/installation, and wholesale/distribution. Geographically, it focuses on companies with headquarters in North America, South America, and Europe.
Cold Chain Capital’s managing partner and senior advisors have a combined HVACR and investment experience of more than 200 years. Several company leaders have held president positions with leading air conditioning and refrigeration companies, as well as have had tenure at premier investment banks and strategy consulting companies.
“We see exciting private equity opportunities in the air conditioning and refrigeration industries,” Deldicque said.
The reasons for those opportunities include:
- Macro fundamentals: large industry with GDP+ growth and high fragmentation;
- Margin runway for many participants;
- Industry disruption due to new retail formats, energy efficiency, and new refrigerants requirements, as well as new digital/traceability technologies;
- High sustainability impact: global warming and food waste reduction; and
- Downside protection: tied to food and pharma, idiosyncratic industry and replacement/aftermarket driven.
“Cold Chain Capital’s clear focus on HVACR middle-market companies and operational capabilities provide clear benefits to its portfolio companies, their management teams, and potential sellers,” Deldicque added.
The firm welcomes investments in companies at all stages of their business cycles, including business growth, transformations, turn-arounds (including negative EBITDA or free cash-flow), carve-outs, and roll-ups. Cold Chain Capital has strong values and takes a collaborative and ethical approach to all its investments.
Prior to founding Cold Chain Capital, Deldicque held a variety of executive positions. He was a senior executive with Carrier, a division of United Technologies Corp.; a principal with The Boston Consulting Group; a financial analyst at Goldman Sachs International in their Principal Investment Area; and an officer in the French Marines. During his career, he’s completed more than 20 business acquisitions and divestitures. He holds an MBA from the Harvard Business School and a bachelor in business from ESSEC Business School in France.
Cold Chain Capital is already in advanced conversations with several potential acquisitions and welcomes new opportunities.
Publication date: 9/19/2018