News

Climate Pros Has Acquired Norfoxx Refrigeration

AUSTIN, TEXAS (May 7, 2019) –¬†Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Norfoxx Refrigeration, Inc. (“Norfoxx”) has been acquired by Climate Pros, a portfolio company of Saw Mill Capital. Statesman served as the exclusive financial advisor to Norfoxx throughout the transaction, which closed May 1, 2019.

Norfoxx is a leading supplier of refrigeration and HVAC services, proudly serving the Dallas/Fort Worth, Austin, San Antonio, Corpus Christi and McAllen regions of Texas since 2005.

“Norfoxx Refrigeration, Inc. is supported by an outstanding group of people, led by Mike and Kali Smith. I am so excited to work with them all and help support them in our future growth in Texas” said Todd Ernest, CEO of Climate Pros. “The acquisition of Norfoxx enlarges our geographic reach and allows us to serve our customers in an increased capacity in five new regions. We are excited to welcome them to our team and honored that they chose us to help them grow the business in Texas!”

“We are thrilled to partner with Climate Pros to support our growth throughout Texas. We have come to appreciate their like-minded culture of excellence and are very optimistic about the future health and growth of our combined organization.” – Mike and Kali Smith

Tim Nelson, a partner at Saw Mill Capital, commented, “Our cold-chain customers continue to pull us into new growing regions to improve their continuity of service across their multi-regional footprint. We look forward to our continued support of Climate Pros’ growth.”

Norfoxx Refrigeration, Inc. was established in Arizona in 2005 by Michael and Kali Smith. They decided to relocate to Texas in 2007 which was the beginning of an exciting period of development for Norfoxx. Their headquarters are located in Austin, Texas with branches in Dallas/Fort Worth, San Antonio, Corpus Christi, and McAllen, Texas. Norfoxx provides service for commercial refrigeration and air-conditioning, as well as providing group-up installation, design, and planning.

Headquartered in Glendale Heights, Illinois, Climate Pros provides refrigeration maintenance, repair, remodel and installation services to grocery retailers and other cold-chain customers. Customers of the Company include Amazon, Target, Walmart, Whole Foods, Safeway, Costco, Aldi, Albertsons, Kroger, AbbVie, Pfizer, Roundy’s and others. Quickly after its founding in 2006, the Company’s differentiated value proposition transformed the Chicagoland market, and Climate Pros has since expanded to new geographic areas including Pewaukee, WI; Irwindale, Stockton, Santa Rosa and Hayward, CA; Tamarac, FL; Westland and Grand Rapids, MI and Honolulu, HI.

Based in Briarcliff Manor, New York, Saw Mill Capital is a private equity firm that acquires facility and industrial services, specialty, distribution and manufacturing businesses with enterprise values of $25 million to $200 million. Since 1997, Saw Mill Capital has been partnering with management teams to help successful businesses reach their full potential.

About the other transaction participants

Statesman Corporate Finance is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement was led by Managing Director Larry Schumann.

The Dykema (Austin, TX ) law firm led by Partner Phillip Slinkard provided legal counsel to Norfoxx Refrigeration, Inc.

The Buyer’s legal counsel was provided by Reinhart Boerner Van Deuren s.c. (Milwaukee, WI) and led by Shareholders Nathan J. Neuberger, Robert Heinrich, Lucien A. Beaudry, Albert S. Orr, and Associate Chris M. Hruska.