CCMP Growth Advisors Partners with Innovative Refrigeration for Continued Growth

In a strategic move to support the growth of Innovative Refrigeration Systems, CCMP Growth Advisors, LP ("CCMP Growth") has announced a partnership with the family-owned business. Innovative Refrigeration Systems, Inc., led by Founder and CEO Mike McGinnis, is a renowned leader in design build engineering and aftermarket services for industrial refrigeration systems. This partnership will enable Innovative to further expand its service and software offerings and continue its success in the food and industrial markets.

With its headquarters in Lyndhurst, VA, Innovative Refrigeration Systems was established in 1993 with a mission to provide unparalleled value to customers. The company has since become known for its vertical integration, engineering capability, and controls software expertise in the industrial refrigeration market. Their ammonia and CO2 refrigeration systems are recognized for their reliability and efficiency, making them the go-to choice for businesses across various sectors, including food and beverage production, cold storage, and more.

Mike McGinnis expressed his excitement about the partnership, stating, "Innovative's success over the past 30 years has been a direct result of our approach to driving value for customers and the commitment of our talented employee base. I sought a partner to help me continue investing in growing my service and software offerings, and am excited to work with CCMP Growth and Tom Goeke to accomplish this. With their extensive experience in growing businesses similar to ours, we are confident they are the ideal partner to help us achieve our growth plan."

CCMP Growth recognizes the potential in partnering with Innovative Refrigeration Systems. Mark McFadden, Co-Managing Partner of CCMP Growth, said, "Innovative is an outstanding, high-growth business with a talented, dedicated management team, exactly the type of business with which CCMP Growth seeks to partner. We are excited to partner with Mike McGinnis and the outstanding team at Innovative to support their service and software growth and expansion plans."

The addition of Tom Goeke to the board brings valuable expertise in building aftermarket service and software organizations. With his previous experience as CEO of two legacy CCMP portfolio companies, Goeke will contribute his knowledge to further enhance Innovative's growth strategy.

Goeke shared his enthusiasm, stating, "Innovative's combination of engineering talent, manufacturing and installation proficiency, vertical integration, and software capabilities has enabled it to drive outstanding growth and positions the Company to win going forward. I have seen how the combination of a highly skilled engineering and service team, with controls and software capabilities, can drive value for customers and look forward to helping Innovative's team build the next chapter of growth for the Company."

This partnership comes at a crucial time when regulatory and cost pressures are driving the replacement of older refrigeration systems. Innovative Refrigeration Systems is well-positioned to cater to this demand by providing efficient and sustainable solutions through their advanced software tools and engineering expertise.

Financial terms of the partnership have not been disclosed.

About CCMP Growth Advisors, LP:

CCMP Growth Advisors, LP, based in New York, is a growth-oriented private equity firm focused on making lead buyout and growth equity investments in middle-market companies in the Consumer and Industrial sectors primarily in North America. CCMP Growth leverages its team's deep investment experience to identify high-growth companies in transition and partners with management to help each platform scale through strategic and operational support.

About Innovative:

Founded in 1993, Innovative Refrigeration Systems specializes in ammonia, CO2, and cascade refrigeration systems. They are known for their energy-efficient systems that utilize sustainable natural refrigerants. With vertical integration, from engineering design to manufacturing and installation, Innovative ensures that its customers' projects are completed on time and within budget. Additionally, their software offerings provide value in managing refrigerant compliance, safety, and energy efficiency. Innovative is committed to training the next generation of highly skilled refrigeration technicians through its Industrial Refrigeration Technical College. The company is proud to be OSHA SHARP certified for its exemplary safety and health programs.