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Saturday, Aug 13, 2022
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Refrigeration, HVAC Firm Makes Buy

Anaheim-based Source Refrigeration & HVAC Inc. acquired Service Refrigeration Co. in Humble, Texas, on undisclosed terms.

Source services refrigeration systems for industrial companies and grocers, including large chains such as Ralphs. It has more than $200 million in annual revenue and about 1,200 employees across more than 30 locations nationwide, including about 150 in Anaheim.

It’s part of Arsenal Capital Partners, a New York-based private equity firm with about $1.7 billion in committed capital under management. Arsenal typically invests in companies with $30 million to $400 million in revenue.

Service Refrigeration has about 180 employees serving five regions in Texas. It had been a portfolio company of Houston-based private equity firm Freestone Partners LLC, which typically makes investments in companies with revenue of $10 million to $50 million.

―Jane Yu

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