LOS ANGELES--(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190321005194/en/
Ares Management Corporation:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management Corporation
Carl Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Source: Ares Management Corporation
