What Source Refrigeration & HVAC does

Source Refrigeration & HVAC, founded in 1987 and now fully integrated into the CoolSys brand, is a national HVAC-R (heating, ventilation, air conditioning, and refrigeration) services platform headquartered in Brea, California. The company designs, installs, maintains, and repairs mission-critical commercial and industrial refrigeration and HVAC systems, with a particular concentration in grocery, retail, restaurant, convenience-store, industrial, data center, and healthcare end markets. Named enterprise customers include 7-Eleven, Walmart, Target, Albertsons, The Fresh Market, Darden Restaurants, The Cheesecake Factory, Best Buy, Dick's Sporting Goods, AutoZone, CenturyLink, Dutch Bros, CarVana, and Service King. Source Refrigeration serves over 3,500 customers across North America through a branch-and-technician network, anchored in the western United States, and is a portfolio company of Audax Private Equity through its parent CoolSys.

The platform spans commercial refrigeration, commercial HVAC, industrial refrigeration and HVAC, CO2 refrigeration systems, engineering solutions (MEPR/FP — mechanical, electrical, plumbing, refrigeration/fire protection — plus design-build), energy solutions (optimization and resilience/CHP/bridge-to-grid), facility solutions (parts, assessments, equipment maintenance, used-asset recovery, pavement management), and centralized refrigerant compliance across federal, California CARB, and Washington requirements. Underlying technology includes HVAC-R diagnostic and repair equipment, energy management systems, and real-time service technology enabling monitoring and diagnostics. The December 2025 acquisition of Energy Squared added 100 consulting engineers and extends capability into multifamily residential and earlier-stage project design.

The business model combines one-time installation revenue, recurring service and maintenance contracts (including 24/7/365 emergency repair), professional engineering services, managed energy solutions, and equipment/parts sales. Pricing is quote-based and not publicly disclosed. The go-to-market is enterprise field sales delivered through local branches and field technicians nationwide, supported by content marketing, industry-association participation (ASHRAE, NASRC, IIAR, RFMA, ConnexFM), and a centralized careers portal for technician recruitment. Strategic positioning emphasizes decarbonization, refrigerant regulatory compliance, and energy resilience as recurring, regulation-driven revenue vectors layered on top of the core lifecycle services franchise.

Name

Source Refrigeration & HVAC

Legal name

CoolSys

Website

https://sourcerefrigeration.com

Company type

Private

Founded year

1987

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Source Refrigeration & HVAC, now operating as CoolSys, is a national HVAC-R services platform providing installation, maintenance, repair, and engineering for commercial, industrial, grocery, retail, restaurant, data center, and healthcare customers across North America, serving over 3,500 clients as an Audax Private Equity portfolio company.

Ownership category

akta.pro rank

Product category

Commercial and Industrial HVAC-R Services

NAICS

Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Refrigeration Equipment and Supplies Merchant Wholesalers (423740)

SIC

Refrigeration & Service Industry Machinery (3580), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

HVAC Service, Maintenance & Repair (BPABACAA)

akta.pro secondary industry

HVAC & Refrigeration Contracting (IMAFALAB)

Keywords

• Commercial refrigeration services
• Industrial HVAC services
• HVAC-R maintenance
• Refrigeration installation
• Energy optimization services

Headquarters

HQ city

Anaheim

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Installation Services: New construction, remodels, and installation of commercial refrigeration and HVAC equipment including project management, EMS systems, dehumidification, and electrical work.
2. Service and Maintenance: Preventive maintenance plans, emergency repair services available 24/7/365, and ongoing service contracts for commercial and industrial facilities.
3. Engineering Solutions: MEPR/FP (Mechanical, Electrical, Plumbing, Refrigeration/Fire Protection) engineering services and design-build solutions for new construction and retrofits.
4. Energy Solutions: Energy optimization, consumption management, co-generation/CHP systems, and energy resilience solutions including bridge to grid services.
5. Equipment and Parts: HVAC-R replacement parts, equipment sourcing, used asset recovery, and equipment management services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Source Refrigeration & HVAC (now operating under the CoolSys brand) provides end-to-end commercial and industrial refrigeration and HVAC (HVAC-R) services, including system design, new construction and remodel installation, preventive maintenance, 24/7/365 emergency repair, MEPR/FP engineering, energy optimization, and refrigerant compliance. The company serves enterprise customers across retail, grocery, restaurant, industrial, data center, healthcare, and institutional verticals through a nationwide network of branch offices and field technicians.

Product overview

Source Refrigeration & HVAC (now operating as CoolSys) is a comprehensive HVAC-R (Heating, Ventilation, Air Conditioning, and Refrigeration) services platform offering end-to-end solutions for commercial and industrial customers. The company provides a unified portfolio of integrated service categories including Commercial Refrigeration & HVAC, Industrial Refrigeration & HVAC, Engineering Solutions (MEPR/FP and design-build), Energy Solutions (optimization and resilience), Facility Solutions, Professional Solutions, and Refrigerant Compliance Solutions. These services work together to deliver the complete equipment lifecycle from installation and design through preventive maintenance and emergency repair. The company also offers specialized CO2 Refrigeration Systems for environmentally conscious operations and serves market verticals including data centers, healthcare, grocery, and refrigerated warehouses. The platform is enhanced by recent acquisition of Energy Squared, adding 100 engineers to the team.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Refrigeration & HVAC End-to-end commercial refrigeration and HVAC services including installation, service, maintenance, and emergency repair for businesses such as convenience stores, grocery stores, and hotels.
• Industrial Refrigeration & HVAC End-to-end HVAC-R solutions for industrial operations including manufacturing plants, food processing facilities, and refrigerated warehouses, designed for lower lifetime operating costs and minimized downtime.
• CO2 Refrigeration Systems CO2 refrigeration systems installed, maintained, and optimized nationwide for lower emissions and long-term regulatory compliance.
• Engineering Solutions Nationwide sustainable MEPR/FP engineering and decarbonization solutions covering mechanical, electrical, plumbing, refrigeration, fire protection, and design-build services.
• Energy Solutions Nationwide energy resilience and optimization solutions built for reliability, efficiency, and lower emissions, including energy optimization and energy resilience services.
• Facility Solutions Comprehensive facility management including parts support, facility assessment, equipment maintenance, construction cleaning, and used asset recovery.
• Refrigerant Compliance Solutions Centralized refrigerant compliance solutions that reduce risk and keep portfolios audit-ready, covering federal, California (CARB), and Washington requirements.
• Preventive Maintenance Maintenance service plans that maximize uptime, lower costs, and reduce emissions across customer HVAC-R equipment.
• Emergency Repair Fast, reliable repair services for coolers, freezers and HVAC systems available 24/7/365 to minimize downtime.
• Installation Services New construction and remodel installation services including project management, EMS systems, dehumidification, and electrical work.
• Energy Optimization Energy cost optimization and resilience solutions including energy saving assessments that can reduce energy costs by 20-25% with clear ROI before investment.
• Professional Solutions Engineer-led solutions for complex building challenges including equipment solutions, facility solutions, and pavement management.
• Data Center Solutions Integrated data center power and cooling solutions for mission-critical facilities.
• Healthcare HVAC-R Solutions Precision HVAC-R solutions for critical healthcare environments requiring precise temperature control and air quality management.
• Refrigerated Warehouse Solutions Cold storage HVAC-R solutions built for uptime and compliance in refrigerated warehouse facilities.

Named customers14 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Energy SquaredcoreStrategic or Co-development Partner · 28 December 2025Acquired consulting engineering firm specializing in mechanical, electrical, plumbing, and refrigeration engineering. The acquisition adds 100 engineers to CoolSys' team and positions the company at the inception point of projects across commercial, industrial, retail, and multifamily residential facilities. Energy Squared is headquartered in Princeton, NJ with offices in San Antonio and Orlando.
• ASHRAEminorOthersLong-term member of ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), demonstrating commitment to industry standards and technical excellence in HVAC-R.
• NASRCminorOthersTitanium Sponsor and founding member of NASRC (North American Sustainable Refrigeration Council), supporting sustainable refrigeration practices and natural refrigerant adoption.
• IIARminorOthersLong-time member and sponsor of IIAR (International Institute of Ammonia Refrigeration), supporting the industrial refrigeration industry.
• RFMAminorOthersLong-time member and sponsor of RFMA (Refrigeration Food Manufacturers Association), supporting food processing and manufacturing refrigeration professionals.
• ConnexFMminorOthersLong-time member and sponsor of ConnexFM (formerly National Facility Management Association), supporting facility management professionals.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• EMCOR Group: EMCOR Group is a publicly traded provider of mechanical and electrical construction, building services, and energy solutions across commercial, industrial, and institutional markets. It directly competes with Source Refrigeration's commercial/industrial HVAC-R and MEPR/FP service portfolio at greater scale and broader geographic reach.
• APi Group: APi Group is a diversified safety, specialty, and industrial services platform that has expanded into HVAC, refrigeration, and mechanical services through acquisitions. Its portfolio of refrigeration/mechanical subsidiaries makes it a broad peer to CoolSys's commercial and industrial HVAC-R services business.
• ABM Industries: ABM Industries is a large facility services provider offering HVAC, mechanical, energy, and integrated facility management to commercial clients across North America. Its HVAC and energy services lines overlap with Source Refrigeration's facility solutions and energy optimization offerings.
• Carrier Global: Carrier Global is a major HVAC equipment manufacturer that also operates a global service and aftermarket business serving commercial and industrial customers. Its installed-base service network and commercial refrigeration portfolio overlap with Source Refrigeration's equipment and service capabilities.
• Trane Technologies: Trane Technologies designs, manufactures, and services HVAC systems and building controls for commercial and industrial buildings worldwide. Its commercial HVAC service and controls business competes with Source Refrigeration in installation, maintenance, and building energy management.
• Johnson Controls: Johnson Controls provides HVAC equipment, building automation, controls, and energy services to commercial and industrial customers globally. Its HVAC service, controls, and energy optimization offerings directly overlap with Source Refrigeration's commercial HVAC, EMS, and energy solutions.

Direct peers

• Comfort Systems USA: Comfort Systems USA provides mechanical contracting services including HVAC installation, service, and maintenance for commercial and industrial customers, with a multi-regional branch model. Its service-led mechanical contracting business is closely analogous to Source Refrigeration's enterprise HVAC-R service delivery model.
• Service Logic: Service Logic is a privately held, PE-backed national HVAC and mechanical services provider offering installation, maintenance, repair, and energy solutions to commercial and industrial customers. Its business model and ownership structure (PE-backed roll-up) are highly comparable to CoolSys/Source Refrigeration.
• Limbach Holdings: Limbach Holdings is a specialty mechanical services contractor providing HVAC, plumbing, and building controls services for commercial, industrial, and institutional customers. Its integrated MEP service offering and design-build orientation directly mirror Source Refrigeration's MEPR/FP engineering and contracting model.

Others

• Watsco: Watsco is the largest HVACR distributor in North America, supplying equipment, parts, and controls to contractors and technicians. It is adjacent rather than directly competitive, but its distribution scale and contractor relationships provide a useful read on the contractor services ecosystem Source Refrigeration operates within.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCEvCJBPVVoRtGAFaCo4Ckiw
• Facebookfacebook.com/coolsys
• LinkedInlinkedin.com/company/cool-sys
• Instagraminstagram.com/coolsys_

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Source Refrigeration & HVAC