Thermal Technology Distribution Solutions, a distributor of industrial temperature management products and a portfolio company of Gryphon Investors, has acquired Thermal Devices.
Family-owned Thermal Devices is a Maryland-based distributor of industrial electric heaters, controls, and thermocouples. Also included in this transaction is Heat Tracing Sales, the company’s heat trace cables, controls, and engineering support business serving mechanical and electrical contractors.
Gryphon formed Thermal Technology Distribution Solutions (TTDS) in September 2023 as a distribution platform in the industrial temperature products sector and simultaneously made its first acquisition with the buy of Big Chief, a Cincinnati-headquartered distributor of electric process heating and temperature control products. Equity for the formation of TTDS and the buy of Big Chief was sourced from Gryphon’s small-cap Heritage Fund.
The acquisition of Thermal Devices is TTDS’ fourth add-on acquisition and in addition to Big Chief the two other buys were Proheat, a Kentucky-based distributor of heaters, sensors and controls in January 2024; and Southwest Heater and Controls, a Dallas-based distributor of industrial electric heaters, sensors, and controls earlier this month.
“Thermal Devices is an exciting company that expands our footprint into the Mid-Atlantic and augments TTDS’ heat trace and engineering capabilities,” said Jeff Collier, the CEO of TTDS. “Thermal Devices provides TTDS with a physical base to better service customers in the East and reinforces TTDS’ position as the nation’s leading provider of thermal management solutions.”
“Completing four add-on acquisitions within months of establishing TTDS validates our position as the clear buyer of choice for thermal management product distributors,” said Jeff Pembroke, an operating partner with Gryphon’s Heritage Fund. “We continue to pursue organic growth and acquisition opportunities with high-quality distribution partners that align with TTDS’ vision of providing the highest level of support for our customers and suppliers.”
San Francisco-based Gryphon makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $50 million to $300 million of capital in companies with enterprise values ranging from $100 million to $600 million. Sectors of interest include business services, consumer products and services, healthcare, industrial growth, and software.
© 2024 Private Equity Professional | June 18, 2024
