Ironbridge Equity Partners said it last month invested in Thermogenics Inc, a maker of coil-tube steam and hot-water boilers, and related equipment used in industrial, commercial and institutional applications. No financial terms were released for the deal, which was done in partnership with the company’s existing owners and management. Aurora, Ont.-based Thermogenics said it will use the partnership with Ironbridge to scale and grow the business. Thermogenics is the eighth investment of Ironbridge Equity Partners II, which raised $154 million in 2014. It follows the firm’s investment in Back in Motion Rehab Inc in January.
Ironbridge Equity Partners invests in Thermogenics Inc.
(Toronto – March 14, 2016) Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce an investment in Thermogenics Inc. (“Thermogenics” or the “Company”) of Aurora, Ontario. The existing owners and management of Thermogenics invested in partnership with Ironbridge to complete the transaction.
Established in 1975, Thermogenics is a leading manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial and institutional applications in North America. The Company also provides “best-in-class” parts and maintenance services to its installed base via its team of factory-trained technicians. With its comprehensive product and service offering, Thermogenics functions as a “one-stop shop” for all of its customers’ heating and steam requirements. The Company currently operates from a 27,000 square foot manufacturing and service facility in Aurora, Ontario and a dedicated sales and service office located in Cincinnati, Ohio.
“We are anxious to begin working with Ironbridge on the next chapter of growth for Thermogenics,” said Bryan Heppell, President of Thermogenics. “We believe the breadth of operating experience and expertise that Ironbridge brings to the table, as well as their proven track record of success in partnering with owner-operators will provide us with the resources we need to scale and grow our business, without compromising the superior level of service we currently provide to our customers.”
“The management team at Thermogenics has done a tremendous job developing a brand name and excellent reputation within the industry as the premier provider of coil-tube boiler products, parts and services, positioning themselves to capitalize on the forecast growth in industrial activity and infrastructure spend in North America,” said Jeff Murphy, Partner at Ironbridge. “We are very excited to partner with this highly passionate and ambitious management team as we pursue the many growth opportunities available to the business.”
Thermogenics is the eighth investment in Ironbridge’s second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
Ironbridge’s team of nine investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The Ironbridge team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value.
For more information, contact:
Ironbridge Equity Partners
Photo courtesy of Thermogenics Inc