Private equity firm Irving Place Capital (IPC) has agreed to sell thermal technology company Chromalox to Spirax-Sarco Engineering, a UK-based company specialising in the control and efficient use of steam and other industrial fluids, for USD415 million in cash.
Completion of the transaction is subject to customary closing conditions.
Chromalox is a technology company that delivers temperature management and process heating solutions for customers in a diverse range of industrial markets.
Chromalox was founded in 1917 and is headquartered in Pittsburgh, PA. IPC acquired Chromalox in December 2012.
“It has been a pleasure to work with the team at Irving Place Capital. In particular, their support of our growth planning process has enabled Chromalox to develop multiple innovative technologies, without peer in the industry, providing the foundation for future growth,” says Mike Sutter, president and CEO of Chromalox. “We are excited to become part of Spirax-Sarco and leverage our combined capabilities to expand and develop our business.”
“Chromalox is a unique, highly diversified company with a deep history as a technology leader. The management team has done an exceptional job and positioned the company for continued success. We wish our management partners and all Chromalox employees the very best as they join Spirax-Sarco,” says Keith Zadourian, a partner at IPC.
Since 2012, Chromalox’s management team, with the support of IPC, has executed numerous strategic initiatives, including investing in key technology platforms, accelerating new product development, expanding into new geographies and enhancing productivity efficiencies.
UBS Investment Bank and Greenhill & Co acted as financial advisers to Chromalox, and Weil, Gotshal & Manges served as legal counsel on the transaction.
