GREENWICH, CT - Southfield Capital, a leading lower middle-market private equity firm, announced today its partnership with American Refrigeration Company ("ARC" or the "Company"), the leading industrial refrigeration service provider in New England. ARC's founders, Stephen Giannelli and Michael Sirois, and the rest of the senior management team will be continuing in their current roles.
ARC manages industrial refrigeration systems, including regular monitoring and repair, replacement of key system components, and in-house design and engineering. ARC's services are mission critical to its customers who rely on the Company to ensure their facilities are operating continuously and safely. The Company serves market leaders in the food and beverage, pharmaceutical and academic industries, including Trader Joes, Whole Foods, Coca-Cola and Harvard University.
ARC's President, Michael Sirois, commented, "As anyone who has started and grown a company will know, bringing someone else into the fold can be a stressful decision. Stephen and I knew that we needed to find a partner that had the expertise to scale up our operation without sacrificing the customer first culture that made us the #1 industrial refrigeration contractor in New England. Following a lengthy, but necessary process, we could not be more excited to partner with Southfield Capital. The natural chemistry and shared business philosophy between our two groups made the choice obvious. Having our key employees spend time with the Southfield team has reinforced this decision and I must say the excitement is contagious!"
Southfield Partner, Tim Lewis, commented on the ARC partnership, "Steve and Mike have built an exceptional business around a core of highly skilled employees and a blue chip customer base. ARC has become the leader in industrial refrigeration services throughout New England by consistently delivering high quality, mission critical services. Southfield looks forward to supporting ARC as they build out their team and expand their service offering to better serve their customers. We could not be more enthusiastic to partner with Steve and Mike as the business goes to the next stage."
Abacus Finance Group, LLC provided debt financing. Finn Dixon & Herling provided legal counsel to 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 and specialty finance sectors. 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.
Heb James, Partner