CoolSys obtains $39.5M funding: Revolutionizing the cooling sector

In a significant development, CoolSys, a leading provider of mission-critical components and services for refrigeration and cooling, has secured a flexible capital solution of $39.5 million from Wingspire Capital. This credit facility, led by Mizuho, extends the tenor for CoolSys by three years and provides ongoing working capital support.

Founded by Brian Hawkins in 2017, CoolSys operates in industries where every degree and minute of downtime matters, including cold storage, distribution, and food manufacturing. The company delivers preventive maintenance, emergency 24/7/365 breakdown response, and proactive monitoring using advanced analytics.

CoolSys's offerings span mechanical, electrical, plumbing, and refrigeration engineering (MEPR), analytics and monitoring services, in-house maintenance, retrofit installations, and energy optimization programs. With a nationwide network of self-performing, nationally trained in-house technicians, CoolSys is a trusted strategic partner for businesses in need of reliable refrigeration and HVAC services.

This deal marks a broader shift in how non-bank lenders like Wingspire engage with middle-market firms. Wingspire brings tailored solutions that match the pace and specificity of industries like refrigeration services.

David J. Turco, the managing director of Wingspire Capital, highlighted the strategic nature of the deal. He stated, "We are excited to partner with CoolSys, a leading provider of mission-critical HVAC, refrigeration, and energy and carbon reduction solutions."

The credit facility refinances a member of the prior bank group, and it is part of a broader $150 million credit facility for CoolSys. The extended tenor and refinanced obligations create a buffer for CoolSys, allowing the company to continue its growth and expansion in the refrigeration and cooling industry.

As CoolSys evolves from a mere service provider to a strategic partner for businesses, this partnership with Wingspire Capital is set to play a crucial role in its future success.