CoolSys is a provider of refrigeration and HVAC maintenance and system installation services to grocery retailers, convenience store chains, telecommunication hubs, and other industrial customers in the United States.



Industrial Services & Technologies

Anaheim, CA


Invested in 2015

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Transformed business by diversifying service lines and expanding nationally, allowing for accelerated growth through national accounts. Enhanced leadership team and built internal M&A capabilities, positioning business to continue to scale.


Headquartered in Anaheim, CA, CoolSys is a leading provider of refrigeration and HVAC services to retail, commercial and industrial industries.


When Audax invested into CoolSys (then known as Source Refrigeration) in December 2015, the business was a regionally focused provider of refrigeration services to the retail and commercial industries, with muted growth in line with its markets. Audax saw an opportunity to expand the business through acquisition, to create national scale and win national accounts, but also to diversify the business into other service lines.

During the three years that Audax owned CoolSys, the business completed 8 add-on acquisitions, which more than doubled the profitability of the company. These acquisitions expanded the business into services such as engineering solutions, new system installations and energy efficiency, as well as into the HVAC market. In addition, Audax recruited Adam Coffey to be CEO of the expanded company, and supplemented the leadership base as the company scaled.

The Audax Difference

“Audax has been instrumental in helping to grow CoolSys. Together we have assembled a world-class management team and successfully completed eight add-on acquisitions to develop a national footprint and a full range of service offerings across the lifecycle of refrigeration and HVAC services. We believe that the company is well positioned to continue our growth trajectory,” said Adam Coffey, CEO of CoolSys.

“Together with Adam Coffey and his leadership team, we were able to more than double the size of the company in just under three years. In doing so we created a unique platform in the industry, with a diverse set of high-value service lines and a national footprint,” said David Wong, Managing Director, Audax Private Equity

Audax sold CoolSys to Ares Management in March 2019