Smart Care Acquires Almcoe Refrigeration
Smart Care and Almcoe join forces to expand Smart Care’s Commercial and Industrial Refrigeration Capabilities
Alsip, Ill. – Smart Care, a portfolio company of Wind Point Partners (“Wind Point”), is pleased to announce the acquisition of Almcoe Refrigeration Company, LLC (“Almcoe”, “Almcoe Refrigeration”, or the “Company”). Almcoe represents Smart Care’s 18th acquisition since 2017 and the third under Wind Point’s ownership. The addition of Almcoe strengthens Smart Care’s presence in Texas, while adding complementary end-markets with a focus on repair and maintenance services.
Based in Dallas, Texas, Almcoe is a family-owned and operated refrigeration company offering emergency repair and preventative maintenance services, as well as equipment sales and installation services. Founded in 1960, Almcoe has developed a reputation as one of Texas’ premier service providers for commercial, retail and industrial cold storage customers.
Headquartered in Alsip, Ill., Smart Care is a market leader in rack refrigeration, stand-alone refrigeration, HVAC and hot-side commercial cooking equipment services across the country. Following the combination, Almcoe will join forces with Smart Care’s Climate Solutions segment (“Climate Solutions”) which specializes in refrigeration systems and has developed a strong reputation for service quality and engineering expertise, supported by its high-quality technician base. The Climate Solutions segment serves hundreds of customers spanning grocers, convenience stores and warehouse operators across the U.S.
“Almcoe is a tremendous acquisition and we’re thrilled to welcome them to the growing family of Smart Care companies,” said Henry Lees-Buckley, CEO of Smart Care. “For over 62 years, the Almcoe team has been dedicated to exceeding expectations, serving customers across the greater North, East and Central Texas markets. We look forward to further supporting the Company’s growth plans while continuing to build upon Almcoe’s strong foundation anchored in excellent customer service.”
Konrad Salaber, Managing Director at Wind Point, commented, “Expanding end market and geographic reach via strategic acquisitions is a key pillar of the Smart Care value creation plan. Almcoe is a platform for growth for us in Texas, and their expertise in commercial, industrial and rack refrigeration is a highly valuable addition for the combined platform. Additionally, the Almcoe geographic footprint fills a void in the Climate Solutions segment’s footprint by adding new capabilities in Texas. We look forward to continuing to deliver world-class service levels for our customers, investing in our best-in-class technician base and supporting the next phase of growth for the combined organization.”
“We are excited to join the Smart Care team,” stated Bill Almquist, President and CEO of Almcoe. “We are eager to partner with an organization that shares both our values and our commitment to investing in growth and focusing on customers and employees. I look forward to working with Henry and the Smart Care team, while continuing to build upon the combined organization’s strong foundation and to further build out Smart Care Climate Solutions’ presence in the Texas market.”
Wind Point is an active investor in logistics and route-based services, with select current and former investments including Valicor, Quantix, Dicom, STG, and ATRG. Smart Care will continue to seek strategic acquisition opportunities, with a focus on leading commercial refrigeration, kitchen equipment and HVAC repair and maintenance service providers throughout the U.S. and Canada.
DLA Piper served as legal counsel to Smart Care. Bulkley Capital and Jackson Walker acted as financial advisor and legal counsel to Almcoe Refrigeration, respectively, in connection with the transaction.