Altus Capital Partners has acquired Thermal Solutions Manufacturing from Resilience Capital Partners.
Thermal Solutions Manufacturing (TSM) is a manufacturer and distributor of heavy duty and light truck heat exchange and temperature control products – radiators, condensers, air coolers and evaporators – for the aftermarket and OEM off-road, on-highway and industrial end markets.
The company’s customers include installers, commercial distributors, specialty retailers, OEMS and jobbers. TSM, led by CEO Ken Robinson, has five manufacturing facilities across the United States and Mexico and is headquartered in Nashville, TN (www.thermalsolutionsmfg.com).
TSM’s senior management team is investing in this transaction alongside Altus Capital Partners. “Altus is very pleased to partner with the TSM management team in acquiring a nationally recognized manufacturer and distributor of heat exchange and temperature control products for the North American heavy-duty on-highway and off-highway truck aftermarket,” said Russell Greenberg, managing partner of Altus. “We recognize and value management’s capabilities in our partnership to grow and to continue the company’s industry position.”
Altus invests in corporate divestitures, management-led buyouts, and privately-held or family-owned businesses with manufacturing operations based primarily in the Midwest and Eastern regions of the United States. Target companies will have at least $5 million of EBITDA and an enterprise value from $30 million to $100 million. Altus is headquartered in Wilton, CT with an additional office near Chicago in Lincolnshire, IL (www.altuscapitalpartners.com).
Resilience Capital Partners acquired TSM, formerly the heavy-duty division of Vista Pro Automotive, in February 2012 through its third fund, The Resilience Fund III LP.
“At Thermal Solutions Manufacturing, we executed a long-term strategy for the business to become a dominant player in the after-market for heat exchange and related products,” said Bassem Mansour, co-chief executive officer of Resilience Capital Partners. “We enhanced it from a heavy-duty manufacturer of radiators into a company that develops and distributes a broad range of solutions in the heat exchange world.”
According to Mr. Mansour, TSM is now at a natural point to transition to new ownership. “Our job is to take a company, reposition it, improve its operations and get it to an attractive level of profitability. We have done that, and the next phase for Thermal Solutions Manufacturing is to build for long-term, continued growth,” said Mr. Mansour.
Resilience Capital Partners invests from $10 million to $40 million in middle market companies with $25 million to $250 million in revenues and EBITDA typically under $20 million. Sectors of interest include industrial manufacturing, distribution, business services, aviation & aerospace, minerals & mining, consumer goods, transportation logistics, building products, metals, and capital equipment. The firm was founded in 2001 and is based in Cleveland (www.resiliencecapital.com).
© 2019 Private Equity Professional | March 5, 2019
