Current Capital Advises CoolSys on the Acquisition of 1GNITE
BREA, Calif., August 8, 2023 (BUSINESS WIRE) – CoolSys, the market-leading nationwide provider of sustainable refrigeration, HVAC, energy and engineering solutions, has acquired 1GNITE, an environmentally friendly asset recovery, recommerce and specialized facility services company. With this acquisition, CoolSys will expand its sustainable solutions to include equipment decommissioning and recommercing while reinforcing its nationwide network and capabilities.
“This latest acquisition reflects CoolSys’ commitment to sustainability and expanding cost-effective solutions for our customers,” commented Rick Frier, Chairman and CEO Interim at CoolSys. “With 1GNITE, we strengthen our capabilities and build on our lifecycle solutions to offer a new sustainable and financially beneficial approach to asset recovery, equipment decommissioning and recommercing.”
Headquartered in Frisco, Texas, 1GNITE provides used asset recovery solutions for mid-sized and large corporations. The company specializes in identifying ways to increase efficiencies, maximize value and transform waste into opportunities and resources for its clients.
“As part of the CoolSys family of companies, we are excited to bring our specialized and unique solutions to new customers and new markets,” commented 1GNITE CEO Brian Dick. “At 1GNITE, we understand the demands and constraints faced by our clients and work to maximize the value of their used assets or surplus inventory while minimizing the cost of facility cleanouts and helping them achieve their ESG goals.”
Current Capital developed a strong relationship with entrepreneur and 1GNITE CEO, Brian Dick, and understood his strategic objectives. We believed that 1GNITE could add a unique solution to CoolSys’ comprehensive offerings that deliver value throughout every stage of the system lifecycle and viewed CoolSys as the ideal partner to meet the founder’s objectives. Current Capital introduced CoolSys to the company and acted as financial advisor to them in this negotiated, one-on-one transaction outside of a formal auction process.
CoolSys is the market-leading provider of sustainable refrigeration, HVAC, energy and engineering solutions for customers in the grocery, retail, food service, industrial, education, healthcare and government sectors. From engineering, design and installation to service and maintenance and energy optimization, CoolSys businesses cover the entire lifecycle of mission-critical HVAC and refrigeration systems. Headquartered in Southern California, CoolSys has more than 3,200 employees nationwide, serving the daily needs of more than 45,000 customer locations across North America. For additional information, please visit www.coolsys.com.
1GNITE Solutions, LLC provides asset management solutions and specialized facility services to clients across the country. Headquartered in Frisco, Texas, its team of experts act as trusted partners to their clients, providing unmatched cost-efficiency by devising innovative solutions, utilizing the latest technologies, and taking an organized and disciplined approach to its work.
About Current Capital Partners
Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking industry expertise, an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.
Kevin J. Smith
Telephone: +1 212 223 0637