InterCool Solidifies Industry-Leading Position with Additional Strategic Investment by RF Investment Partners

NEW YORK–(BUSINESS WIRE)–RF Investment Partners (“RF”), a provider of structured growth capital, is pleased to announce an additional strategic investment in commercial and industrial refrigeration leader InterCool USA, LLC. RF’s initial investment in InterCool was in June 2019, with subsequent capital infusions which have led to accelerated growth and its leadership position in the industry.

With a 70-year history in the industrial refrigeration sector, InterCool is committed to championing its customers and furthering the industry through new and contemporary technology, superior practices, and inspired innovation. With a foundation of industry-wide experts and an advanced methodology known as The InterCool Advantage, the company is proud to support its customers through an expansive nationwide footprint, with projects in 46 states over the last three years.

“Not only has RF provided InterCool growth capital to position the company as an industry leader, but their support has also driven operational excellence and helped develop a winning company culture,” said InterCool Executive Vice President Clay Hill. “With RF’s backing, InterCool has become recognized as an industry stalwart, burnishing our reputation by delivering best-in-class customer service in the face of pandemic challenges and constantly evolving industry demands.”

Since the inception of RF’s platform investment in 2019, InterCool has more than doubled both revenue and its employee base. Additionally, this recent growth investment has supported the expansion of its capabilities, including the opening of a new fabrication-compressor repair facility in York, PA, earlier in 2022. The combined strengths of Intercool’s construction division, depth and breadth of its national service capacity, and knowledgeable sales and marketing team have led to the company’s advancement from a small, local provider to a company with a national footprint and Fortune 500 client list. RF has helped facilitate the company’s acquisition strategy, including the integration of Freije-RSC’s industrial refrigeration business.

Looking towards the future, RF will continue to empower and support InterCool’s expansion through the investment of additional capital, continuous evaluation of add-on acquisitions, and advancement of operational capabilities by leveraging a world-class team.

“In the last three years, RF has had the privilege to back InterCool’s evolution in every sense of the word — from the proliferation of platform capabilities and customer-oriented services to truly becoming a standout leader in the industry,” said RF Co-founder and Managing Partner Peter Rothschild.

“We are proud to maintain a position of financial and strategic strength in an industry that is critical to our customers and the nation’s food infrastructure,” added RF Director Patrick Riggio. “The team at RF is looking forward to a successful, innovative future of differentiated growth for InterCool and its customers.”


RF Investment Partners provides capital ranging in size from $5 million to $30 million to support leading domestic, lower-middle-market companies. RF partners with family-owned and private businesses in a variety of situations, including acquisition financing, growth capital investments, recapitalizations, refinancings, and management buyouts. RF’s investment professionals have significant experience investing across the capital structure and have the flexibility to structure deals to meet the distinct needs of each company and situation. RF invests in unitranche, second lien, and subordinated debt, alongside preferred and common equity.


InterCool USA, LLC is an integrated design-build firm focused on commercial/industrial refrigeration (Ammonia, C02, and Freon) in the food and beverage, low-temperature cold storage, distribution and logistics, pharmaceutical, and petrochemical industries. For over 70 years, InterCool has provided services including self-performed engineering, design, construction, project management, startup and commission, after-market care, and emergency services and response. Intercool’s self-perform Insulated Metal Panel (IMP) and insulation divisions work side-by-side with refrigeration and construction field services crews to ensure and maintain vapor barrier integrity for their client’s needs. InterCool provides turnkey solutions employing the latest emerging technologies and industry-standard best practices to ensure their clientele stay in compliance with all regulatory agency requirements as well as protecting the “Global Cold Chain” and observing all Food Safety Modernization Act (FSMA) criteria.


Jan Morris

MiddleM Creative (on behalf of RF Investment Partners)

[email protected]
T 904.210.3302

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