Audax sells CoolSys to Ares Management PE arm after three-year hold

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Audax Private Equity has sold HVAC and refrigeration business CoolSys to Ares Management’s private equity group.

The company has bolted-on eight businesses in the past three years, and now employs more than 2,000 people.

“This is a major milestone for CoolSys,” said CoolSys CEO Adam Coffey.

“We are grateful to our former private equity partner, Audax Group, for supporting the execution of our growth strategies during the past three years.

“Now, with Ares’ additional support and resources, we can pursue a more aggressive acquisition and expansion strategy while we continue to deliver best-in-class solutions for our customers’ mission–critical refrigeration and HVAC systems throughout North America.”

Ares partner and North America PE co-head Matt Cwiertnia added, “CoolSys is the recognized leader in the fragmented refrigeration & HVAC services market.

“We are impressed by its rapid growth, blue-chip customer portfolio, expanding set of customer solutions, highly capable leadership team, and strong employee-centric culture.”

Audax closed its sixth flagship fund on $3.5bn in September last year. The firm previously bagged $2.25bn for the final close of Fund V in November 2015.

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