Nationwide Cooling Group has acquired Cooney Coil & Energy, expanding the HVAC/R platform’s reach in replacement coils and engineered products.
Cooney Coil & Energy is based in King of Prussia, Pennsylvania, and provides replacement coils and engineered solutions for the HVAC/R industry. Founded in 2009, the company supplies HVAC OEMs, contractors, manufacturers' representatives, and commercial end-users nationwide. Its product lineup includes the patented Freeze Block Coils, Thermo-Pack Heat Exchangers, Smart Coil, and Transit Coils.
Nationwide Cooling Group is a portfolio company of Chicago private equity firm The Edgewater Funds. The company operates as a vertically integrated HVAC/R platform covering sales, engineering, manufacturing, and value-added services for the commercial and industrial coil industry. The acquisition of Cooney adds to that model by extending Nationwide Cooling Group’s presence across the coil lifecycle.
Hal Liller, Chief Executive Officer of Nationwide Cooling Group, said this of the acquisition:
"The addition of Cooney bolsters the platform's sales and engineering capabilities. Cooney's engineering expertise and patented technologies complement our existing product offering."
The deal marks another step in building a consolidated HVAC/R coil platform that combines distribution and manufacturing.
Edgewater, which has raised over $4 billion in capital commitments since 2001, is backing a fully integrated model in what it called a fragmented industrial market.
Terms of the transaction were not disclosed.
