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Southeast HVAC News
SOURCE REFRIGERATION & HVAC
ACQUIRES TP Electrical.
Acquisition Strengthens Source’s Growing
Capabilities and Presence in the Southeast.
Source Refrigeration & HVAC (Source), a portfolio company of Arsenal
Capital Partners (Arsenal), today announced the acquisition of TP
Electrical (TP).
Based in White, Georgia, TP is a leading southeast provider of
electrical and EMS contracting services to grocery, commercial,
industrial, and retail clients across the Southeastern United
States. The acquisition builds on the strength of Source’s 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 TP’s capabilities and strong customer
relationships to our growing southeast team, and we welcome TP’s
employees and customers to the Source family,” said Bruce Buchholz,
Chief Executive Officer of Source. “Expansion in the southeastern
United States continues to be an important strategic focus for us,”
added Buchholz. “The TP acquisition allows us to offer our existing
southeast customers expanded service and construction-related
electrical and EMS capabilities. It also allows us to provide a
broader offering for installation jobs with existing and new
customers throughout the entire southeast. TP’s expertise coupled
with Source’s existing service and installation operations in
Florida and Georgia, position us extremely well for continued growth
in the broader southeastern market.” Story
continues below ↓
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Sal Gagliardo, an
Operating Partner at Arsenal Capital said, “TP is well
established in the southeastern U.S. market for refrigeration
and HVAC electrical and EMS services and has provided a long
history of quality solutions and service to grocery, commercial,
industrial, and retail clients. The acquisition of TP
strengthens the capabilities of our existing service and
installation operations in the southeast and supports our
overall strategy of continuing to expand our national footprint
while we build an industry-leading independent refrigeration and
HVAC company”.
About TP Electrical
TP Electrical is a leading provider of refrigeration and
HVAC electrical and EMS solutions to the grocery, commercial,
industrial, and retail clients across the Southeastern United
States. TP holds electrical licenses in Alabama, Georgia,
Florida and North Carolina and is certified in all major brands
of grocery-related EMS controllers. They have long-standing
relationships with leading grocery retailers and general
contractors throughout the southeast.
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 1000 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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