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CoolSys snaps up Richmond Refrigeration
Posted on Tuesday, 30 June 2020 12:38
CoolSys has continued its expansion across the Mid-Atlantic region by acquiring US-based commercial refrigeration and air conditioning company Richmond Refrigeration.
Financial details were not disclosed.
Headquartered in Virginia, Richmond Refrigeration specialises in the service and installation of supermarket refrigerating systems and applications.
The group also carries out operations for restaurants, bars, cafes and distribution centres across the state.
Its convenience store division comprises a full-service team of plumbers, electricians, food service technicians and maintenance personnel.
Richmond Refrigeration’s mobile technology allows the company to streamline communications between dispatch and technician and transfer real-time data back to the office for completion and billing.
Its service divisions are rated by customers, who use scoring systems with top key performance indicators to rank them among the highest-performing contractors throughout the US.
According to Zephyr, the M&A database published by Bureau van Dijk, the deal represents another acquisition for CoolSys this month, having snapped up US-based Eastern Refrigeration on 22th June.
In December 2019, the company also bought Virginia-headquartered BRR Refrigeration. Financial terms were not disclosed for either transaction.
The deal with Richmond Refrigeration will allow CoolSys coverage across the target’s state and strengthen the group’s presence in Maryland, West Virginia and North Carolina.
Adam Coffey, chief executive of the purchaser, said: “This is another key step in becoming a true national solutions provider.”
California-based CoolSys houses refrigeration and heating, ventilation and air conditioning businesses across the retail, commercial and industrial market segments, among others.
It has more than 1,900 employees on its books and serves over 4,000 customers across North America.
Zephyr shows there have been 94 deals targeting plumbing, heating and air conditioning contractors announced globally so far in 2020.
In the most valuable of these, National Central Cooling Company agreed to buy an 80.0 per cent stake in United Arab Emirates-based Downtown DCP for USD 675.18 million.
© Zephus Ltd