February 13, 2024
Kelvin Group and Southfield Capital Announce the Strategic Acquisition of RC&E

GREENWICH, CT – Southfield Capital, a premier lower middle market private equity firm, announced today that Kelvin Group, (“Kelvin”), a platform dedicated to building a collaborative group of large independent industrial and commercial mission-critical mechanical services companies in the U.S., has completed the acquisition of RC&E, an industrial refrigeration service provider headquartered in Fort Worth, TX. The acquisition of RC&E represents Kelvin’s tenth acquisition since partnering with Southfield.
RC&E is a full-service provider of industrial refrigeration services, offering maintenance services, engineering, facilities modeling, project management, industrial insulation, parts, and process safety and risk management. The integration of RC&E into Kelvin Group's family of companies, which features reputable brands such as ARC Mechanical, HCG Associates, Refrigeration Design & Service (RD&S), and AES Non-Destructive Testing, further solidifies Kelvin's standing as a national provider of mission-critical mechanical services.
“We are thrilled to welcome RC&E into the Kelvin Group family,” said Harry Gray, CEO of Kelvin Group. “This partnership with a high-valued brand such as RC&E marks a strategic move for us into Texas and the greater Midwest, further expanding our national footprint and reinforcing our commitment to excellence in industrial refrigeration. Together, we’ll bring innovative solutions to a broader clientele, solidifying our position as a great employer and leader in the industry.”
“We are extremely excited to be part of the Kelvin Group family of companies,” said Russell Munday, former owner of RC&E. “RC&E found an ideal partner in Kelvin Group, and we share the values that focus on being a great place to work, innovation, employee development and taking care of customers. Kelvin Group’s national scale and resources will enable RC&E to continue its growth in Texas and beyond.”
Southfield Principal, Chris Grambling, commented on the transaction, "We are delighted to welcome the RC&E team to the Kelvin family. RC&E has built a phenomenal reputation in the greater Texas market and bolsters Kelvin’s geographic coverage, further establishing Kelvin as a go-to national provider of mission-critical mechanical services."
Deerpath Capital Management and Crescent Capital Group provided debt financing. Finn, Dixon & Herling provided legal counsel to Kelvin and Southfield Capital.

About Kelvin Group
Kelvin Group is a leader in the field of industrial and commercial mission-critical mechanical services, process safety management and environmental compliance. Its turnkey solutions provide design/installation and ongoing service and preventative maintenance of world-class mechanical systems for leaders in the food and beverage, cold storage, pharmaceutical, educational, health care, and process industries. Once engaged with customers, it assists business owners achieve mandated health, safety, environmental and regulatory compliance standards.
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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 - 15 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies.

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