Tue, 04/03/2014 - 10:05
Private equity firm Resilience Capital Partners has acquired Thermal Product Solutions (TPS), a subsidiary of SPX Corporation.
TPS designs and manufactures standard and custom environmental test chambers, industrial ovens and industrial furnaces.
Product brands include Tenney, Blue M, Gruenberg, Lindberg, and MPH. The company's facilities are in White Deer, Pennsylvania, Riverside, Michigan, and Malaysia.
"We are pleased to have been selected by SPX for this divestiture. This is Resilience's tenth corporate carve out often working with a very large corporation on an extremely complex corporate divestiture. Resilience and SPX closed this transaction in 44 business days. These are tough deals to get done and Resilience was able to quickly deliver certainty and value. I compliment TPS management and the SPX corporate deal team," says Steven Rosen, co-CEO of Resilience Capital Partners.
"TPS has built a strong collection of market leading brands with a reputation for delivering engineered solutions expertise for a variety of application needs and production requirements. TPS provides superior capital equipment solutions to a global customer base and serves a broad range of industries. Resilience looks forward to working with this experienced management team," says Ron Cozean, operating partner at Resilience Capital Partners.
Cozean has been appointed executive chairman of TPS, supporting the current leadership.
"TPS is already a market leader in custom engineered thermal solutions. We are excited to take these great brands to another level with the resources of Resilience Capital. Developing creative and cost efficient solutions to meet the needs of our customers remains our focus," says Blake Hancock, president of TPS.
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