radiators

IOP Sells Trantech Radiator

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Industrial Opportunity Partners (IOP) has completed the sale of Trantech Radiator Products to Main Street Capital. IOP acquired Trantech in November 2011.

Trantech is a designer, manufacturer and supplier of radiators, coolers and cooling systems for transformers used in the generation, transmission and distribution of electric power. The company’s products are sold to transformer original equipment manufacturers as well as aftermarket customers for repair and replacement applications.

Trantech was founded in 1932 and operates out of a single facility in Edgefield, SC (www.trantechradiators.com).

“We would like to thank the management team at Trantech, led by President Greg Horton,” said Chris Willis, a director at IOP. “We appreciated the opportunity to work with them over the years and we believe the company will continue to thrive under Main Street’s ownership.”

IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $400 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).

“I believe Trantech has become a premier supplier to the electric power industry under the leadership of the company’s management team,” said Tom Paisley, an IOP operating principal. “I wish Trantech and Main Street Capital much success in the future.”

Main Street Capital provides senior and subordinated debt and equity capital to lower middle market companies with revenues of $10 million to $150 million and EBITDA from $3 million to $20 million. Sectors of interest include consumer discretionary, energy, financials, healthcare, industrials, materials, technology, telecommunications and transportation. The firm is headquartered in Houston (www.mainstcapital.com).

The sale of Trantech is IOP’s tenth investment realization from its $185 million inaugural fund which was raised in 2006 and 2007.

Houston-based investment bank Gulfstar Group (www.gulfstargroup.com) was the financial advisor to IOP on this transaction and Winston & Strawn (www.winston.com) provided legal services.

© 2019 Private Equity Professional | June 5, 2019

Audax Acquires Niagara Thermal

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Aavid Thermalloy, a portfolio company of Audax Private Equity, has acquired Niagara Thermal Products. Audax acquired Aavid Thermalloy from Nautic Partners in December 2012.

Niagara Thermal Products is a maker of thermal management products such as heat exchangers, heat sinks, chassis enclosures, cold plates, and heat transfer fins. The company’s customers include manufacturers in the aerospace, defense, alternative energy, marine, and industrial markets. Niagara Thermal Products is based in Niagara Falls, NY (www.niagarathermal.com)

Aavid Thermalloy is a designer and manufacturer of thermal management products used in high-performance electronic and industrial applications including consumer products, enterprise computer systems, LED lighting, telecom, transportation, medical, military & aerospace, and test equipment. The company was founded in 1964 as Aavid Engineering and acquired Thermalloy in 1999. Today, Aavid’s has manufacturing facilities and design centers located throughout North America, Europe and Asia and has approximately 2,700 employees. The company is headquartered about 90 miles north of Boston in Laconia, NH (www.aavid.com).

“Niagara has a great reputation for providing thermal management solutions to blue-chip customers, particularly in the aerospace and defense industries,” said Alan Wong, CEO of Aavid. “Niagara’s reputation for quality, innovation, and customer service is built upon its manufacturing excellence and expert design and engineering capabilities. We are excited to join forces with Niagara, and to work with their experienced management team in expanding Aavid’s services into the aerospace, energy, and defense end markets.”

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).

© 2016 PEPD • Private Equity’s Leading News Magazine • 1-13-16