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Case Studies

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Controlled Environment Systems

After spending nearly his entire career managing various forms of major projects in different end markets Adelphi Operating Partner Don Roussinos identified Controlled Environment Systems (CES) as a potential investment opportunity.


CES is a project-oriented business that designs, engineers and installs controlled environments including cold storage facilities, clean rooms and other climate-controlled spaces. In addition to providing temperature and other climate control solutions, CES fabricates products including insulated panels and doors, custom control systems and proprietary air handlers. 

Adelphi believes CES has and will continue to benefit from strong demand for cold storage which is being fueled by changing consumer tastes and purchasing patterns for healthy, fresh, prepared and e-commerce sourced foods. This demand driven organic growth driver is at the core of Adelphi’s investment thesis. Since Adelphi’s acquisition of CES in December 2019, the Company’s pipeline of projects has nearly doubled. In selling CES, its previous owners were looking to Adelphi and Don to execute not only an ownership transition/retirement plan, but a management transition as well.

Don currently serves as President & CEO of CES. Over the past year, Adelphi and Don have created and begun implementing a strategic plan to transition CES from an entrepreneurial owned and managed business to a professionally managed organization. CES will be equipped to execute on an aggressive organic and inorganic growth plan that capitalizes on the underlying demand drivers in cold storage, clean rooms and other end markets.


Keystone Novelties

With decades of experience in strategic marketing, as well as sales and product management, Adelphi Operating Partner Jack May forged a partnership with Keystone Novelties aimed at accelerating the growth of the business.


Keystone Novelties is a distributor and retailer of fireworks and other novelty products. With retail locations in New York, New Jersey, Maryland, Delaware, Virginia, West Virginia, and Washington, D.C, Keystone had considerable momentum and economic volatility resistance, but distinct opportunities to reduce costs and improve the sales funnel. Leveraging experience he honed at Fortune 500 brands, including Johnson & Johnson and Nabisco, Jack identified a number of margin improvement and expansion opportunities, ushering in greater stability and profitability for Keystone.  

As President and CEO, Jack continues to lead efforts to transition the retailer from its entrepreneurial roots to a more sophisticated business model. In implementing an aggressive growth strategy, Jack continues to build value for Keystone Novelties at an accelerated pace. 

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About Adelphi 

If you have an opportunity you would like to discuss

or would like to learn more about Adelphi,

please reach out to one of our team members.


         Garret Bullard, Associate

          (610) 256-7763

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