Exclusive BUY-SIDE Advisor
Kelvin Group
About the Company
Kelvin Group (“Kelvin” or the “Company”) is a leader in the field of industrial and commercial mission-critical mechanical services, process safety management, and environmental compliance. Operating under the ARC Mechanical, Refrigeration Design and Service, RC&E, LLC, HCG Associates, and JS Compliance brands, the Company’s turnkey solutions provide design, installation, and ongoing service, plus preventative maintenance, of world-class mechanical systems for leaders in the food and beverage, cold storage, pharmaceutical, educational, health care, and processing industries. Kelvin has been a portfolio company of Southfield Capital (“Southfield”) since 2017.
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Situation
As Kelvin bolsters its current services, adds new ones, and expands geographically, acquisitions have become a core part of the Company’s growth strategy. Over time, Kelvin has honed its acquisitive approach to meet the needs of selling business owners and provide them with value creation and growth opportunities.
Engagement
Kelvin and Southfield engaged G2 Capital Advisors, LLC (“G2”) as the exclusive buy-side advisor to identify and originate acquisition targets that meet the Company’s criteria and expansion goals. G2 works as a trusted advisor and long-term strategic partner in growing our clients’ businesses. We bring industry-specific experience and a breadth of relationships to every engagement.
Outcome
Kelvin acquired Portland, OR-based PermaCold Engineering, Inc. (“PermaCold”) in December 2025. Founded in 1993, PermaCold provides custom-designed industrial refrigeration engineering and natural refrigerant (C02 & Ammonia) systems, in addition to preventative maintenance, emergency repairs, equipment parts, overhauls, safety plans, regulatory compliance, and inspections.
The acquisition extends Kelvin’s geographic density to the Pacific Northwest and grows the company’s portfolio of premier brands. With this transaction, Kelvin has now completed more than 10 acquisitions since partnering with Southfield Capital in 2017.
“We are excited to extend our reach to a strong and growing region with a well-known and respected partner,” said Harry Gray, CEO of Kelvin. “PermaCold has a reputation of excellence in the refrigeration facilities services space. Together, we look forward to offering an enhanced set of capabilities to support industries relying on mission-critical refrigeration systems.” Southfield Partner Chris Grambling commented on the transaction: “Kelvin’s acquisition of PermaCold represents an exciting milestone as the company continues its national strategy by entering the Pacific Northwest. Our partnership with G2 has provided us with access to a wide range of high-quality acquisition opportunities supporting our goals for the future of the Kelvin platform.”
“Kelvin’s acquisition of PermaCold brings together two leaders in industrial refrigeration,” said Kerri Ford, Managing Director and Head of Technology & Business Services at G2 Capital Advisors. “We are honored to be a part of the growth of a sector core to G2’s business services focus area.”
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