M&A Deal Summary

Ares Private Equity Group Acquires CoolSys

On March 21, 2019, private equity firm Ares Private Equity Group acquired business services company CoolSys from Audax Private Equity

Acquisition Highlights
  • This is Ares Private Equity Group’s 3rd transaction in the Business Services sector.
  • This is Ares Private Equity Group’s 64th transaction in the United States.
  • This is Ares Private Equity Group’s 11th transaction in California.

M&A Deal Summary

Date 2019-03-21
Target CoolSys
Sector Business Services
Buyer(s) Ares Private Equity Group
Sellers(s) Audax Private Equity
Deal Type Secondary Buyout
Advisor(s) Lincoln International
FocalPoint Partners LLC (Financial)
Kirkland & Ellis
Fredrikson & Byron PA (Legal)

Target

CoolSys

Brea, California, United States
CoolSys is a refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys was founded in 2001 and is based in Brea, California.

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Buyer(S) 1

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 74 of 98
Sector (Business Services) 3 of 4
Type (Secondary Buyout) 30 of 39
State (California) 11 of 12
Country (United States) 64 of 82
Year (2019) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-14 Jacuzzi

Chino, California, United States

Jacuzzi is a global manufacturer of premium spas, swim spas, whirlpool, soaker and walk-in bathtubs and related bathroom products and accessories. The Company believes that ‘when we feel good, we live a better life.’ The Company operates under multiple brands, including Jacuzzi, Sundance, Dimension One Spas, Hydropool, ThermoSpas, and BathWraps. The Company’s flagship brand, Jacuzzi, is the most recognized in the world for spa and hydrotherapy bathing. Jacuzzi was founded in 1956 and is based in Chino, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-16 Smart & Final

Commerce, California, United States

Smart & Final is an operator of the smaller stores, warehouse-style, no membership fee, multi-format retailer serving both households and smaller businesses with a strong value proposition. Smart & Final operates 257 stores under its Smart & Final banner, which offer quality products in a variety of sizes, saving customers time and money without a membership fee. Its larger format stores, Smart & Final Extra! stores, combine the warehouse store with traditional grocery offerings like farm-fresh produce and natural and organic options, to provide a one-stop-shop for all. Smart & Final was founded in 1871 and is based in Commerce, California.

Sell $1.1B

Seller(S) 1

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 69 of 98
Sector (Business Services) 4 of 8
Type (Secondary Buyout) 38 of 53
State (California) 4 of 8
Country (United States) 67 of 93
Year (2019) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-19 Magnitude Software

Austin, Texas, United States

Magnitude Software is a provider of Enterprise Information Management software driving real business results for more than 600 active enterprise clients with over 200,000 users in 100 countries. Magnitude Software offers a family of award-winning applications, from business intelligence and data warehousing to master data management, reporting, and analytics. Magnitude Software was founded in 2014 and is based in Austin, Texas.

Sell $340M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Astute Solutions

Columbus, Ohio, United States

Astute Solutions is a provider of AI-driven customer engagement, digital self-service, and first-party consumer data management software. Astute’s technology enables companies to provide more efficient customer service, protect their brands, and increase customer loyalty. Astute Solutions was founded in 1995 and is based in Columbus, Ohio.

Buy -