Private equity backed Source Refrigeration & HVAC Inc. is buying Service Refrigeration Co. for an undisclosed amount.
The Humble, Texas-based target provides commercial and industrial refrigeration and air conditioning services to the grocery, food distribution and industrial markets. The deal was announced May 15.
Source Refrigeration & HVAC, headquartered in Anaheim, California, provides new system design and installation, remodels and repair services for refrigeration and HVAC systems. The company is owned by private equity firm Arsenal Capital partners, which has about $1.7 billion in committed equity capital. The firm raised an $875 million fund in April 2013.
For more on Arsenal's fundraising strategy, see "Capital Commitments: 5 Winning Fundraising Strategies" and our video with Arsenal managing partner Terrence Mullen.
The target was sold by Houston private equity firm Freestone Partners. The firm mainly focuses on investing in manufacturing, distribution and commercial and industrial services companies.
Quarton Partners acted as Service Refrigeration's financial adviser on the deal.