Direct Capital is pleased to announce it has completed an investment in Active Refrigeration Group (the Group). Comprising Active Refrigeration and Thermal Solutions, the Group is New Zealand’s market leader in refrigeration and HVAC services, providing end-to-end solutions across design, installation and maintenance to industrial and commercial clients.
Recognised for innovation and excellence, the Group delivers high-quality, energy-efficient, and sustainable refrigeration and HVAC solutions across key sectors, including food and beverage, cold storage, and aged care. Over the past 25 years, co-founders Craig Duff and Graeme Green, together with their accomplished team, have established Active Refrigeration Group as New Zealand’s premier provider in the industry. Their commitment to sustainability and collaboration with clients ensures reliable and environmentally responsible climate control and cooling systems.
The investment from Direct Capital is a testament to the Group’s leadership in the sector, its talented workforce, and its proven track record of innovation and technical excellence. Alongside Direct Capital, Active Refrigeration Group is well-positioned to expand its service offerings, customer base and drive continued growth.
“We are excited to partner with Direct Capital,” said Craig Duff, Founding Director of Active Refrigeration. “Their support and private company expertise will be invaluable as we advance our position as the leading refrigeration and HVAC provider in New Zealand. Together, we look forward to building on our achievements, enhance our customer offerings, and create even greater career opportunities for our team.”
The investment represents Direct Capital’s sixth investment from its latest fund, Direct Capital VI, which raised $425 million in March 2020.
About Direct Capital
Direct Capital was established in 1994 and is New Zealand’s largest private equity firm having raised over $1.7 billion in capital for investment into private companies. Direct Capital invests capital on behalf of institutional and intergenerational investors including NZ Super Fund, ACC and the Government Superannuation Fund, along with pension and endowment funds, community trusts and iwi groups.
Direct Capital has partnered with some of New Zealand’s best-known and most successful businesses, including Mondiale VGL, Beca, TR Group, AS Colour, Hiway Group, Wet & Forget, Perpetual Guardian, Bayleys, along with NZX-listed Ryman Healthcare, Scales Corporation and New Zealand King Salmon.