Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has acquired Fournier Air Conditioning and Refrigeration, Jacksonville, FL.
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're 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,” says Bruce Buchholz, president and CEO of Source. “Expansion in the southeastern U.S. continues to be a critical element of our national expansion strategy,” adds 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.”
“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," says Neil Lansing, president of Fournier. "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," Lansing says.
This represents the second major acquisition by Source in 2013. In March, Source announced it had acquired TP Electrical, White, GA, a leading Southeast provider of electical and EMS contracting services to grocery, commercial, industrial, and retail clients across the Southeastern U.S.
Sal Gagliardo, an Operating Partner at Arsenal Capital Partners says, “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.”
