Daily News: March 22, 2019

Ares Management Acquires HVAC Services Company CoolSys


Ares Management announced that a fund managed by its private equity group has acquired CoolSys, a refrigeration and HVAC services company, from Audax Private Equity. Terms of the transaction were not disclosed.

Based in Brea, California, CoolSys provides a full spectrum of refrigeration and HVAC services and solutions to customers in the retail, food service, commercial and industrial market segments. CoolSys and its operating businesses cover every stage of mission-critical systems through engineering and design, installation, service and maintenance, and energy optimization. Since its founding in 2001, CoolSys has grown to employ more than 2,000 individuals who serve more than 4,000 customers across North America.

“CoolSys is the market leader with a unique culture that develops its employees and delivers great service to its customers,” said Matt Cwiertnia, partner and co-head of North American Private Equity at Ares. “Ares has known CoolSys’ CEO and president, Adam Coffey, for a long time, and we are looking forward to working with him again and the rest of the talented management team to support the company’s continued expansion.”

“We are excited to partner with Ares Management and believe that their resources and deep experience with service-based businesses will help us further accelerate growth while maintaining our employee-centric culture and strong customer relationships,” said Coffey. “Together with Ares, we look forward to realizing CoolSys’ strategic goals while ensuring CoolSys remains the employer of choice through its best-in-class training, benefits, and career advancement opportunities.”

Proskauer Rose acted as legal advisor to Ares Management. Lincoln International acted as a financial advisor, and Kirkland & Ellis acted as legal advisor to CoolSys.