HIG Capital is conducting a market test for industrial services company JT Thorpe, which has generated $150 million in annual EBITDA, sources told PE Hub. The firm, which traces its roots to 1906, specializes in high-temperature maintenance, refractory services, and scaffolding, with 10,000 technicians operating across North America. HIG acquired the company in 2022 as Terra Millennium, rebranding it to leverage its legacy brand while expanding through add-ons like ThorCan Construction & Refractories in Canada.**

The move signals HIG’s strategy to divest non-core assets while capitalizing on demand for industrial infrastructure expertise. Thorpe’s focus on system outages and large-scale maintenance projects aligns with trends in energy and manufacturing sectors. However, the sale process faces challenges, as industrial services buyers remain cautious about valuations post-pandemic. Sources noted that HIG previously tested the market for municipal services firm BGIS and rail infrastructure provider RailPros, which recently sold to Littlejohn & Company.

Industry analysts suggest Thorpe’s scale and diversified service portfolio make it an attractive target for large-cap private equity firms. The company’s operations span critical infrastructure projects, including power plants and industrial construction, positioning it as a strategic asset amid rising demand for grid modernization. However, HIG has not disclosed a potential sale timeline or valuation range.

This development underscores private equity’s ongoing interest in industrial services, despite broader market volatility. Thorpe’s acquisition history and geographic expansion reflect HIG’s growth strategy since acquiring the firm. Investors will monitor how thorpe’s performance metrics compare to peers like RailPros, which fetched a reported $200 million-plus sale price earlier this year.**