Source Refrigeration Announces Acquisition of Refrigeration Solutions, Inc. and Advanced Refrigeration Systems

ANAHEIM, Calif.--()--Source Refrigeration & HVAC (“Source”) announced today 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, CA, 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.

Audax Private Equity completed a majority recapitalization of Source Refrigeration in December 2015.

Brad Howard, Chairman & 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.”

About Source Refrigeration & HVAC
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 & HVAC systems. For additional information about Source Refrigeration & HVAC, please visit www.sourcerefrigeration.com.

Contacts

Source Refrigeration
Brad Howard, 714-578-2300
Chairman & CEO
or
Tom Ryan, 714-578-2300
Board of Directors M&A Advisor