Thermal Technology Distribution Solutions, a Gryphon Investors portfolio company, has acquired Thermal Products for undisclosed terms. Gryphon established Cincinnati, Ohio-based TTDS in 2023 as a platform for industrial temperature management products. The company has since expanded through acquisitions including Big Chief, Proheat, Southwest Heater and Controls, Thermal Devices, Heat Tracing Sales and Applied Thermal Systems.
Thermal Products provides engineered thermal equipment, including heat exchangers, heating and cooling equipment and related process equipment. The deal adds heat transfer expertise to TTDS’s existing capabilities in electric process heating, temperature measurement and control. Thermal Products will continue to operate with its existing team, led by president Kevin Sommerville. “We established TTDS with a clear strategy to build scale in a highly fragmented market through a combination of organic growth and strategic M&A,” said Jeff Pembroke, operating partner and co-head of the Heritage Group at Gryphon Investors.
Pembroke said Gryphon remains focused on identifying further partnerships to accelerate TTDS’s growth. Gryphon has more than $10 billion of assets under management across its Flagship, Heritage and Junior Capital strategies.
Source: PE Hub · Summarized by HeadlinesBriefing