Altus Capital buys Thermal Solutions Manfacturing

Altus Capital Partners has acquired Nashville-based Thermal Solutions Manufacturing Inc, a provider of heat exchange and thermal management products. The seller was Resilience Capital Partners. No financial terms were disclosed.


March 4, 2019 – Wilton, CT – Altus Capital Partners, an investment firm focused on middle market manufacturing companies headquartered in the U.S., announced today the acquisition of Thermal Solutions Manufacturing, Inc. (“TSM” or the “Company”), a nationally recognized manufacturer and distributor of heat exchange and thermal management products in a highly fragmented North American market.

Altus Capital, along with TSM’s senior management team, made this investment to support TSM’s growth plans in the heavy-duty on-highway and off-highway truck aftermarket as well as its development of products for specialized industrial original equipment manufacturers. Financial terms of the transaction were not disclosed.

TSM has five manufacturing facilities across the United States and Mexico and over twenty third-party distribution locations. The Company’s portfolio of solutions includes radiators, radiator cores, charge air coolers and a growing offering of heat exchange and thermal management products. The Company’s solutions are primarily used in large and sophisticated equipment that serves demanding on- and off-highway applications where uptime, reliability and efficiency of equipment are critical. TSM’s management team will remain unchanged as the Company continues to drive strong sales growth well into the future, together with the team and its talented employees.

Ken Robinson, TSM’s President and Chief Executive Officer, said, “We are extremely excited about the opportunity to work with Altus Capital Partners to accelerate growth and create additional value for our customers. Combining our history, assets and people with the investment and energy of Altus Capital Partners gives all of us at TSM a great feeling of optimism for the future.”

Russell J. Greenberg, Managing Partner of Altus Capital Partners, commented, “Altus is very pleased to partner with the TSM management team in acquiring a nationally recognized manufacturer and distributor of heat exchange and temperature control products for the North American heavy-duty on-highway and off-highway truck aftermarket. We recognize and value management’s capabilities in our partnership to grow and to continue the company’s industry position.”

About TSM
Thermal Solutions Manufacturing, Inc. (TSM), based in Nashville, Tennessee, is a manufacturer and distributor of heavy duty and light truck heat exchange and temperature control products for the aftermarket and OEM off-road, on-highway and industrial end markets. TSM operates through manufacturing facilities and distribution outlets located throughout North America supplying radiators, condensers, air coolers and evaporators to multiple customer segments, including installers, commercial distributors, specialty retailers, OEMS and jobbers. For more information on TSM, please visit

About Altus Capital Partners
Altus Capital Partners is a private equity firm that makes control investments in middle market niche-manufacturing businesses. Our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. For more information, please visit