Southeast HVAC News
Source Refrigeration & HVAC
Acquires Fournier Air Conditioning of Jacksonville, Florida.
Acquisition Builds on Source’s Leading Position
in the Refrigeration and HVAC Market, Provides New Growth
Opportunities for Fournier.
Source Refrigeration & HVAC(Source), a portfolio company of Arsenal
Capital Partners (Arsenal), today announced the acquisition of
Fournier Air Conditioning and Refrigeration – Florida (Fournier).
Based in Jacksonville, Florida,
Fournieris a leading provider of Refrigeration and HVAC service
solutions to grocery, commercial, industrial, and retail clients
throughout Florida and South Carolina. The acquisition builds on
Source’s strong platform as the leading independent provider of
commercial refrigeration and HVAC services in North America, serving
the nation's top supermarket chains, many of the largest convenience
store chains, and leading telecom and industrial companies.
―We are excited to add Fournier’s
service and installation offering and strong customer relationships
to our growing platform, and welcome their employees and customers
to the Source family, said Bruce Buchholz, President and Chief
Executive Officer of Source.
―Expansion in the southeastern United
States continues to be a critical element of our national expansion
strategy, added Buchholz.
―Fournier enjoys strong, long-standing
relationships with the leading grocery retailers in their markets
and we look forward to continuing to serve them with expanded
capabilities.
This acquisition, along with our
existing Source operations in Alabama, Florida and Georgia, position
us well for continued growth and penetration throughout the
southeast.” Story
continues below ↓
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Neil Lansing,
President of Fournier, commented that ―Source’s commitments to
employee training, advanced information technologies and
delivering high-quality customer solutions fit very well with
Fournier’s approach to the market. Lansing added that ―the
Fournier team is excited to join forces with a national market
leader like Source who has the resources, focus and offerings to
grow the business and take customer service to the next level.
Sal Gagliardo, an
Operating Partner at Arsenal Capital Partners said, ―Fournier is
well-established in the Florida and South Carolina core markets for
mission critical refrigeration and HVAC services and provides Source
with complementary capabilities and expanded market coverage in the
southeast. The recent acquisition of TP Electrical and now Fournier
demonstrates our commitment to expand Source into the leading
service provider in the southeast and to better serve our valuable
national and local customer base. We will continue to review
opportunities for further expansion of Source’s national presence
and service offering.
About Fournier Air Conditioning and Refrigeration
Fournier is a leading
provider of refrigeration and HVAC solutions to grocery, commercial,
industrial, and retail clients across the Southeastern United
States. Fournier offers a complete suite of services including
maintenance programs, emergency repairs, new installations and
remodels of mission-critical refrigeration and HVAC systems. Their
growth and leading market-share position are attributed to their
reputation for outstanding quality and reliability. For additional
information about Fournier Air Conditioning and Refrigeration,
please visit
www.fournierair.com.
About Source Refrigeration & HVAC
Source Refrigeration & HVAC is the leading independent provider of
commercial refrigeration and HVAC services in North America, serving
the nation's top supermarket chains, many of the largest convenience
store chains and leading telecom and industrial companies. With over
1100 employees and service locations nationally, Source designs,
installs, services, maintains and optimizes mission-critical
refrigeration & HVAC systems. For additional information about
Source Refrigeration & HVAC, please visit
www.sourcerefrigeration.com.
About Arsenal
Capital Partners
Arsenal Capital Partners is a leading New York-based private equity
firm that invests in middlemarket specialty industrial, healthcare
and financial services companies. Arsenal makes investments in
sectors where the firm has prior knowledge and experience, and
targets businesses that have the potential for further value
creation by working closely with management to accelerate growth and
leverage the firm’s operational improvement capabilities. Arsenal
currently has $800 million of committed equity capital. For
additional information on Arsenal Capital Partners, please visit
www.arsenalcapital.com.
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