Evergreen Pacific Buys Thermal Dynamics

Evergreen Pacific Partners has acquired Thermal Dynamics. Financial terms weren’t announced. Thermal Dynamics, of Ontario, Calif., makes customized heat exchanger solutions. Harris Williams, led by Joe Connor, advised Thermal Dynamics.


Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Thermal Dynamics (TDX), a leading manufacturer of customized heat exchanger solutions for a variety of vehicles, to Evergreen Pacific Partners (Evergreen). Harris Williams & Co. acted as the exclusive advisor to TDX. The transaction closed on June 13, 2012 and was led by the firm’s San Francisco office along with Joe Conner from the firm’s Transportation & Logistics (T&L) Group.

Joe Conner, a director in Harris Williams & Co’s T&L Group, said, “The TDX transaction continues to demonstrate the market’s strong demand for high quality investment opportunities in the transportation sector. The long-term growth fundamentals for the industry are compelling and highly differentiated, and high quality companies like TDX will continue to have a great opportunity to produce superior results in the market.”

TDX, headquartered in Ontario, CA, is a premier supplier of advanced technology heat exchangers for the automotive, truck, military and specialty vehicle end markets. Founded in 1957, the company’s expertise in cooling technology has kept TDX at the forefront of the industry for over five decades.

Based in Seattle, WA, Evergreen currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle market companies in Western North America. Evergreen’s typical investments include traditional buyouts, management led buyouts and growth capital investments.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co.’s T&L Group is dedicated to providing superior merger and acquisition advisory services to companies in a variety of attractive niches across the broader transportation and logistics industries. Key focus areas include third-party logistics (brokerage, freight forwarding, transportation management, port logistics and value added warehousing), surface transportation (niche trucking, rail and intermodal), airport & aviation services, marine transportation (inland barge, coastwise and international shipping), transportation infrastructure, the automotive and heavy-duty vehicle market (suppliers, distributors, service providers and retail) and transportation equipment & services. For more information on our transportation experience, please contact Joe Conner at +1 (804) 648-0072.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.