Freestone Partners, LLC today completed the sale of all of the outstanding shares of its portfolio company, Service Refrigeration, LLC, to Source Refrigeration & HVAC. Freestone originally acquired Service Refrigeration, a company engaged in the design, installation, maintenance, and repair of commercial refrigeration systems with primary emphasis on the grocery and food service industry, in partnership with management in August of 2009.
Upon completing this sale that created significant value for the firm’s limited partners, Mark Leyerle, a founding partner of Freestone as well as a board member of Service Refrigeration, commented, “It has been an honor to work together with Service’s management team to strengthen the company into the dominant player in its space in the Texas market during the past four-plus years. We wish Source Refrigeration great success in building their business and hope that they experience the same success working together with Service’s management team that we have over these past few years.”
Soon after the closing of the transaction, Brad Howard, Chairman and CEO of Source said, “Service Refrigeration has built a solid reputation for performing with an impressive group of accounts. We are excited to welcome SRC employees and their customers into the Source portfolio. Our combined capabilities will provide a great platform for serving Texas.” Quarton Partners of Birmingham, Michigan served as financial advisor to Freestone and Service Refrigeration in this transaction.