Ares Management Acquires CoolSys
March 21 2019 - 6:30AM
Business Wire
Ares Management Corporation (NYSE:ARES) announced today that a
fund managed by its Private Equity Group has acquired CoolSys, Inc.
(“CoolSys”), the leading 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
Mr. 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 LLP acted as legal advisor to Ares Management.
Lincoln International acted as a financial advisor, and Kirkland
& Ellis LLP acted as legal advisor to CoolSys.
About CoolSys
CoolSys is the market-leading refrigeration and HVAC services
company, specializing in a full spectrum of best-in-class service
experiences and solutions for 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. Headquartered in Southern
California, CoolSys has more than 1,400 highly trained, field-based
service and installation experts serving the daily needs of more
than 4,000 customers across North America. For additional
information, please visit www.coolsys.com.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $130.7 billion of
assets under management as of December 31, 2018 and 18 offices in
the United States, Europe, Asia and Australia. Since its inception
in 1997, Ares has adhered to a disciplined investment philosophy
that focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190321005194/en/
Ares Management Corporation:Media:Mendel CommunicationsBill
Mendel, 212-397-1030bill@mendelcommunications.comorInvestors:Ares
Management CorporationCarl Drake,
800-340-6597cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
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