American Refrigeration Company Makes Strategic Investment in RECCO

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Nov 06, 2018, 10:00 ET

GREENWICH, Conn., Nov. 6, 2018 /PRNewswire/ -- Southfield Capital, a premier lower middle-market private equity firm, announced today that American Refrigeration Company ("ARC" or the "Company"), a leading industrial refrigeration service provider in New England, has made a strategic investment in Refrigeration Engineering & Contracting Company ("RECCO"). ARC's Mike Sirois will be CEO of the combined company, and RECCO's Gino Whooley and Peter Comeau will serve as President and full-time consultant, respectively.

ARC and RECCO engineers install and maintain industrial refrigeration systems for leading organizations in a variety of industries such as food manufacturing, pharmaceutical, recreation, and refrigerated distribution. ARC and RECCO's services are mission critical to their customers who rely on the Companies to ensure their facilities are operating continuously and safely. The combined companies will be the largest industrial refrigeration services company in the region.

ARC's CEO, Michael Sirois commented, "The unified companies provide technical expertise and scale that is unmatched in New England. As important, the two companies share enormous respect for each other and the partnership was viewed as a home run by ARC and RECCO's employees." RECCO's CEO Peter Comeau stated, "I have always considered ARC a potential partner. While we were fierce competitors, we shared similar values. I can't imagine a better team to work with as we continue to provide the highest level of service to our customers."

Southfield Partner, Tim Lewis, commented on the transaction, "We knew about RECCO before completing our investment in ARC and it was at the top of the list in terms of businesses we envisioned joining with ARC. Both companies have fantastic reputations in the industry and are well respected by customers, employees and vendors. The combination will enable us to provide more services and at a higher level – cementing our position as the leading industrial services company in the region."

Abacus Finance Group, LLC provided debt financing. Finn, Dixon & Herling provided legal counsel to ARC and Southfield Capital.

About Southfield Capital

Southfield Capital is a private equity firm that invests in high-growth, lower middle market companies in the outsourced business services sector. The firm targets companies with $4 - 12 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies.

For more information, please visit www.southfieldcapital.com.

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