Wellspring Capital Management has acquired ThermaSys Corporation, manufacturer of a wide range of heat exchangers and heat exchange equipment, from an affiliate of Sun Capital Partners, Inc. Financial terms of the have not been disclosed.
Founded in 1971 in Montgomery, Alabama as Thermal Components, Inc, ThermaSys has one of the broadest product offerings in the industry, supplying a diverse range of highly engineered, custom-designed heat exchangers and heat exchanger components, including aluminium and brass seam-welded tubing. The Company is uniquely positioned to supply highly engineered heat exchanger products for a wide variety of applications, either as single components or combined in complex systems incorporating multiple heat exchanger products. ThermaSys has expanded its operations through both acquisitions and organic growth initiatives.
William F Dawson, Jr, a Managing Partner of Wellspring, says: "We are delighted to invest in ThermaSys, which has a long tradition as a market leader in the low volume, highly engineered segment of the heat exchanger industry. This established platform has a proven track record of performance and is recognized by customers for its exceptional product and service offerings. We are excited to further enhance the value of ThermaSys through organic initiatives and acquisitions."
Paul Schmitz, President and CEO of ThermaSys, says: "ThermaSys is proud to become a portfolio company of Wellspring Capital, which has a successful track record supporting growing businesses. Our team has accomplished a great deal in recent years and we look forward to continuing to grow and provide our customers with new products and services under Wellspring’s ownership."
John E Morningstar, a Partner of Wellspring, says: "We were attracted to ThermaSys for the quality of its strong management team led by Paul Schmitz. The team is committed to continuous operational improvement and to expanding its world-class offerings to customers. We are very excited to partner with this team to capitalise on ThermaSys’ many attractive growth opportunities."
