SALE OF SRC, INC.

SRC, INC. HAS BEEN ACQUIRED BY KPS GLOBAL®, A SUBSIDIARY OF VIESSMANN GENERATIONS GROUP GmbH

Birmingham, Michigan – June 12, 2025 – Angle Advisors is pleased to announce that SRC, Inc. d/b/a SRC Refrigeration® (“SRC” or the “Company”) has been acquired by KPS Global® (“KPSG”), a subsidiary of Viessmann Generations Group GmbH & Co. KG (“VGG”). Angle Advisors served as the exclusive investment banking advisor to SRC in completing the transaction.

Based in Sterling Heights, Michigan, SRC is a premier designer and manufacturer of custom walk-in coolers and freezers. The Company offers display units, storage units, and replacement doors for the food and beverage industry with a primary focus on serving the food and beverage retail market, including convenience stores, restaurants, and bars. SRC’s best-in-class engineering capabilities and proprietary manufacturing processes enable the Company to deliver innovative, tailored, and reliable refrigeration solutions with industry leading turnaround times from design to product delivery.

“SRC Refrigeration shares our values around quality and our commitment to customers,” said Mike Eakins, CEO of KPSG. “SRC Refrigeration brings decades of experience and deep product knowledge, particularly in Extruded Polystyrene (XPS) panel manufacturing. Our two companies have minimal customer overlap, which ensures continuity for existing customers while opening the door to greater collaboration and innovation across the board.”

“We’re excited about what this acquisition means for our employees and our customers,” said Steve Lemieux, President and CEO of SRC. “The experienced and longstanding SRC leadership team remains committed to serving our customers.”  He added, “I am very appreciative of the Angle team’s efforts, including its creative marketing approach, dedication to achieving an optimal outcome and doing so with an efficient process.”

This acquisition expands KPSG’s manufacturing footprint and product portfolio, adding a facility in the Midwest, a key market for the food retail sector. With the addition of SRC, KPSG now operates six strategically located manufacturing facilities across the country, giving it even greater reach and flexibility in providing complete, custom solutions that meet the diverse needs of its customers.

KPS Global® is a leading provider of custom enclosure solutions for temperature-controlled environments, offering end-to-end capabilities in design, engineering, installation, and aftermarket support. Headquartered in Fort Worth, Texas, KPSG serves a diverse base of blue-chip customers across convenience and grocery retail, food service, big-box retail, scientific facilities, and equipment enclosures. For additional information on KPSG, please visit www.kpsglobal.com.

Viessmann Generations Group GmbH, the parent company of KPSG, is a globally diversified, family-owned enterprise with a 107-year legacy of innovation and strategic growth. Specializing in heating, industrial, refrigeration, and power generation systems, VGG drives expansion through both organic initiatives and targeted acquisitions. For additional information on VGG, please visit www.viessmann.family/en.html. 

Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 301 transactions since 2009 for multinational corporations, privately held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.