Arcus Infrastructure Partners-backed European industrial temperature control equipment rental specialist Coolworld Rentals has acquired The CRS Group.
Coolworld has invested an unspecified amount to acquire the provider of modular cold storage solutions in Ireland and the UK.
Founded in 1992 by Paul Tyrrell, CRS is currently led by his sons John and Patrick Tyrrell, who serve as MD and sales & technical director respectively. Renatus Capital Partners invested in CRS in 2020 to support the company’s growth strategy.
As part of the deal, Coolworld said it will partner with the Tyrrell brothers, founders of CRS, who will retain leadership roles and become shareholders in the expanded pan-European group.
The acquisition of CRS expands Coolworld’s operations to the UK and Ireland, strengthening its position in the modular cold storage market, the company said.
Ruud van Mierlo, CEO of Coolworld said: “The Coolworld and CRS businesses are highly complementary on so many levels, and we are certain that together we will be able to provide a broader and even higher quality suite of rental solutions to our customers.”
John Tyrrell said: “The Renatus team have been excellent partners along the way and have worked very closely with us over the last four years to implement and execute a highly ambitious business plan to become a market leader in the UK and Ireland modular cold storage leasing markets.
“Patrick and I as well as the wider CRS management team are really excited about the next phase of our expansion with Coolworld as we look to build on this great foundation, institutionalise our product engineering and operating model, and ultimately bring our solutions to customers across a wider geographic footprint.”
Jordan Cott, partner at Arcus Infrastructure Partners, said the acquisition fits perfectly with Coolworld’s strategy and is “another excellent example” of an Arcus portfolio company using “strategic M&A to catalyse long-term value creation initiatives”.
Cott added: “We see a massive opportunity ahead for the combined Coolworld-CRS business to solidify its position as an international leader in temperature control asset rental solutions.”
Brendan Traynor, director of Renatus Capital Partners, said: “We are thrilled to have had the opportunity to partner with John, Patrick and the wider CRS team over the last number of years as CRS has gone from strength-to-strength.
“The business experienced significant growth in both Ireland and the UK and it has been a privilege working with the exceptional CRS team.”
To read the latest IPE Real Assets magazine click here.