Growth through acquisition Source’ roots extend back to the 1995, when it was started as Edison Source by power company Edison International (see timeline, this page). In 1998, Edison International purchased three western refrigeration and HVAC service and construction companies, Scott Polar, Kimmel Motz and GHV – and in so doing acquired the services of Beitler, Scott Polar’s vice president of engineering (he had also worked for sister company Kimmel Motz). In 2001, two former Edison executives led a management buyout of Edison Source and formed Source Refrigeration & HVAC, which went on acquire other contracting companies, becoming one of the largest HVAC&R contractors in the U.S. Now owned by Audax Private Equity, Source operates 46 branch locations with about 1,250 technicians across a large swath of the U.S., including all Western and Mountain states as well as in Texas, Florida, Alabama, Georgia and South Carolina. In the rest of the U.S. it has a “certified partner network” of contractors that can work for Source’s clients. (See map, page 47.)
Source headquarters, Anaheim, Calif.
vice president and chief engineer; he has more than 35 years of experience in refrigeration and HVAC design, sales, energy optimization and operations support, mostly focused on food retail, cold storage and process refrigeration. His myriad roles at Source range from design to training. “As a senior manager, I wear lots of hats,” he said. His 40 contractor’s licenses allow Source to operate in its far-flung footprint. Beitler serves in several extracurricular roles as well, including CEO of the North American Sustainable Refrigeration Council (NASRC), which is helping drive adoption of natural refrigerants in supermarkets. Source and Beitler exemplify the pivotal, multi-faceted role that a contractor can play in facilitating the transition to natural refrigerant systems.
Acquisition of ScottPolar, Kimmel-Motz, and GHV
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Formed as Edison Source
Acquisition of Capital Refrigeration
1 9 9 9 Acquisition of Atlas Refrigeration
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According to its website, Source’s retail customers include some of the biggest names in the grocery business, such as Whole Foods Market, Albertsons, Kroger, Walmart, 7-Eleven, Target and H.E. Butt Grocery. The contractor also serves convenience stores, restaurant chains, dollar stores, cold-storage warehouses, telecom, schools, and pharmaceutical companies. Source recently quoted a transcritical CO 2 system to replace an R22 unit for a California pharmaceutical company. In natural refrigerant projects, Source gets involved, as it did at the Carpinteria store, in all aspects, beginning at the engineering/design stage, and moving onto installation, service and optimization. “We design what the customer wants,” said Beitler, and then an OEM produces
Recapitalized by Valor Equity Partners LP and Denargo Capital LLC
2 0 0 1 ManagementLed Buyout
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2 0 0 6 Acquired by Arsenal Capital Partners
Source: Source Refrigeration