CoolSys

active

HVAC / Refrigeration — Ares Management (current) / Audax (former) / Arsenal (former)

Deal Terms

Entry Year2019

Entry EV$0.8B

Entry Multiple10x

Leverage5.5x

Debt Amount$0.44B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

Triple PE flip: Arsenal Capital → Audax (2015) → Ares (2019). Commercial refrigeration and HVAC services. Doubled in size under each PE owner via acquisitions. Ares continuing aggressive bolt-on strategy. Each PE flip loads more debt and pushes multiples higher. National footprint now. PE playbook: buy unsexy essential services, consolidate, extract.

Sponsor

Ares Management$622.5B AUM