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Saturday, Jul 2, 2022

CoolSys Bought by Ares

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CoolSys, a Brea-based company that installs and maintains refrigeration and heating systems for companies like Costco and Starbucks, was acquired by Ares Management Corp.

CoolSys, which was owned by private equity group Audax Group, will continue to operate under its current executive team, which will maintain a significant equity investment in the company.

Financial terms were not disclosed.

“This is a major milestone for CoolSys,” Chief Executive Adam Coffey said in a statement. “Now, with Ares’ additional support and resources, we can pursue a more aggressive acquisition and expansion strategy.”

CoolSys has made eight acquisitions in the past three years. The company, which has more than 2,000 employees, “is in active discussions with several potential acquisition targets.”

Coffey has previously stated a goal to build the company to one with $1 billion in annual sales.

Ares Management (NYSE: ARES) is an alternative asset manager with approximately $131 billion of assets under management as of Dec. 31.

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