Houlihan Lokey Advises Refrigeration Sales Corp.

Houlihan Lokey is pleased to announce that Refrigeration Sales Corp., a portfolio company of Rotunda Capital Partners, has been acquired by The Master Group, a portfolio company of Novacap. This transaction closed on February 28, 2023.

Refrigeration Sales Corp. (RSC) is a premier distributor of heating, ventilation, air conditioning, and refrigeration parts, supplies, and equipment. The company is headquartered in Valley View, Ohio, and operates out of 10 locations in Northeast Ohio and Western Pennsylvania.

The Master Group is Canada’s largest, and one of North America’s leading, heating, ventilation, air conditioning, and refrigeration industry distributors. The company has been named one of Canada’s Best Managed Companies since 2010, and serves the industry from 74 branches and five distribution centers across Canada and the United States.

Houlihan Lokey served as the exclusive financial advisor to RSC and Rotunda and assisted in initiating, structuring, and negotiating the transaction on their behalf.