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TheStreet Open House

Source Refrigeration & HVAC Acquires Fournier Air Conditioning And Refrigeration













ANAHEIM, Calif., March 27, 2013 /PRNewswire/ -- Source Refrigeration & HVAC (Source), a portfolio company of Arsenal Capital Partners (Arsenal), today announced the acquisition of Fournier Air Conditioning and Refrigeration – Florida (Fournier).

Based in Jacksonville, Florida, Fournier is a leading provider of Refrigeration and HVAC service solutions to grocery, commercial, industrial, and retail clients throughout Florida and South Carolina. The acquisition builds on Source's strong platform as the leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation's top supermarket chains, many of the largest convenience store chains, and leading telecom and industrial companies.

"We are excited to add Fournier's service and installation offering and strong customer relationships to our growing platform, and welcome their employees and customers to the Source family," said Bruce Buchholz, President and Chief Executive Officer of Source. "Expansion in the southeastern United States continues to be a critical element of our national expansion strategy," added Buchholz. "Fournier enjoys strong, long-standing relationships with the leading grocery retailers in their markets and we look forward to continuing to serve them with expanded capabilities. This acquisition, along with our existing Source operations in Alabama, Florida and Georgia, position us well for continued growth and penetration throughout the southeast."

Neil Lansing, President of Fournier, commented that "Source's commitments to employee training, advanced information technologies and delivering high-quality customer solutions fit very well with Fournier's approach to the market". Lansing added that "the Fournier team is excited to join forces with a national market leader like Source who has the resources, focus and offerings to grow the business and take customer service to the next level." 

Sal Gagliardo, an Operating Partner at Arsenal Capital Partners said, "Fournier is well-established in the Florida and South Carolina core markets for mission critical refrigeration and HVAC services and provides Source with complementary capabilities and expanded market coverage in the southeast. The recent acquisition of TP Electrical and now Fournier demonstrates our commitment to expand Source into the leading service provider in the southeast and to better serve our valuable national and local customer base. We will continue to review opportunities for further expansion of Source's national presence and service offering."  



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