June 18, 2024
Kelvin Group and Southfield Capital Announce RD&S's Strategic Acquisition of GMS Services
GREENWICH, CT – Southfield Capital, a premier lower middle market private equity firm, announced today that Kelvin Group (“Kelvin”), a platform dedicated to building a collaborative group of independent industrial and commercial mission-critical mechanical services companies in the U.S., has completed the acquisition of GMS Services (“GMS”), a commercial refrigeration and HVAC services provider headquartered in Charleston, SC. The acquisition of GMS will be integrated into Kelvin’s RD&S business unit and represents Kelvin’s twelfth acquisition since partnering with Southfield.
With a wide range of service capabilities, GMS’s solutions offer optimized tailored cooling systems for supermarkets, and other commercial needs. GMS’s commitment to excellence provides refrigeration solutions that ensure efficiency and reliability for large and mid-sized supermarkets, food storage areas, walk/reach-in systems, ice machines and process cooling. GMS provides a full range of maintenance, rebuild and repair services, covering all areas of refrigeration.
“With the acquisition of GMS, we’re expanding our offerings in the Mid-Atlantic and Southeast markets and providing a larger scope of services for our valued customers,” said Harry Gray, CEO of Kelvin Group. “The collaboration between RD&S and GMS promises efficient and reliable solutions of commercial and industrial HVAC/R systems, specifically in the supermarket sector.”
“We’re thrilled to announce our new partnership with RD&S and Kelvin Group. This collaboration heralds a period of dynamic growth and innovation, marking a significant milestone for us,” said David Moran, President and former owner of GMS. “By combining our experience with the expertise of RD&S and Kelvin Group, we’re poised to deliver enhanced value to our clients. Moreover, by joining the Kelvin Group family, we are now positioned to provide extensive benefits and professional development opportunities for our associates. Our team is energized by the endless possibilities this acquisition brings.”
Southfield Principal, Chris Grambling, commented on the transaction, "We are excited to join forces with the GMS team. GMS represents RD&S’s second acquisition under Kelvin Group and expands our service capabilities, significantly enhancing the value we can provide for our customers in the Mid-Atlantic and Southeast.”
Deerpath Capital Management and Crescent Capital Group provided debt financing. Finn, Dixon & Herling provided legal counsel to Kelvin and Southfield Capital.
About Kelvin Group
Kelvin Group is a leader in the field of industrial and commercial mission-critical mechanical services, process safety management and environmental compliance. Its turnkey solutions provide design/installation and ongoing service and preventative maintenance of world-class mechanical systems for leaders in the food and beverage, cold storage, pharmaceutical, educational, health care, and process industries. Once engaged with customers, it assists business owners achieve mandated health, safety, environmental and regulatory compliance standards.
For more information, please visit
www.kelvin.cool.
About Southfield Capital
Southfield Capital is a private equity firm that invests in high-growth, lower middle market companies in the outsourced business services sector. The firm targets companies with $4 - 15 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies.
For more information, please visit
www.southfieldcapital.com.
