Acquisitionverified
Ares-backed CoolSys acquires Pinellas Park's Building Air Services
What happened. CoolSys, the Ares Management-backed national commercial refrigeration and HVAC-R services platform, acquired Building Air Services of Pinellas Park, a 20-year-old commercial HVAC-R service, preventive maintenance and building controls contractor. Building Air served national accounts including Dollar Tree, Petco, AutoNation, Office Depot, FedEx and GNC across nine states from Florida to Arizona. CoolSys CEO Adam Coffey said Building Air 'shares our commitment to putting customers' needs first and delivering the highest quality services possible,' and Building Air CEO Steve Boose said customers 'will now have access to the expanded range of value-added services that CoolSys offers nationwide.' The business was folded into CoolSys's light-commercial division as its Southeast regional base. Terms were not disclosed.
Parties
- Company
- Building Air Services, Inc. · Pinellas Park, Pinellas County
- Buyer
- CoolSys, Inc.
- Capital
- Ares Management Corporation
- Price
- Not disclosed
The name on the truckBuilding Air Services, Inc.
Pinellas Park, Pinellas County
Operating ownerCoolSys, Inc.
Brea, CA
Capital behind it
Ares Management Corporation
Los Angeles, CA
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- CoolSys (2019-10-09) — platform site. Pinellas Park HQ, 20 years, client list, both quotes
- ACHR News (2019-10-11) — trade press. Trade coverage
- PE Hub (2019-10-10) — news. Ares Management backing
- ACHR News (2021-01-01) — trade press. Directory entry confirming Pinellas Park and 2019
Researcher notes: Business Wire dated the release 2019-10-09; ACHR News published 2019-10-11.
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