Ironbridge-backed Thermogenics acquires Yown’s

Thermogenics has acquired Jacksonville, Florida-based Yown’s Boiler & Furnace Service, a full service boiler and industrial process burner company.

Thermogenics has acquired Jacksonville, Florida-based Yown’s Boiler & Furnace Service, a full service boiler and industrial process burner company. No financial terms were disclosed. An Aurora, Ontario-based maker of coiled tube steam, hot water and thermal fluid boilers and related equipment, Thermogenics has been backed since 2016 by Canadian mid-market private equity firm Ironbridge Equity Partners.

PRESS RELEASE

Thermogenics Inc. (“Thermogenics”), an Ironbridge portfolio company, is pleased to announce it has acquired Yown’s Boiler & Furnace Service, Inc. based in Jacksonville, FL (“Yown’s”).

Founded in 1979, Yown’s is a full service boiler and industrial process burner company, providing sales, service, installation, and repairs of boilers, pressure vessels, piping systems, and industrial combustion applications. The company is led by an experienced management team, and is regarded as an established regional player in the Southeast US.

Thermogenics is a leading North American manufacturer of coiled tube steam, hot water and thermal fluid boilers and related equipment. This product portfolio is primarily used within industrial, commercial and institutional applications, serving a variety of end markets including healthcare and hospitals, food and beverage and pharmaceutical. The company also provides best-in-class parts and 24/7 service support delivered via factory-trained technicians, and manages a fleet of unique rental boilers to serve temporary or emergency needs.

With its comprehensive product and service offering, Thermogenics functions as a one-stop shop for all of its customers’ most complex steam and heating requirements. The company operates from its head office in Aurora, ON and maintains sales and service operations in Chicago, IL, Cincinnati, OH, and Ottawa, ON.

The acquisition of Yown’s pushes forward Thermogenics’ US growth strategy, and allows the company to establish a strong presence in the US Southeast. “We are very excited about the strategic fit between Yown’s and Thermogenics and believe there are many opportunities for customers, product vendors, and employees,” states Ross Garland, CEO, of Thermogenics. “Yown’s’ impressive product vendor line up and long history of customer centered service and leadership in the US Southeast is a perfect complement to Thermogenics’ regional expansion efforts.”

Gary Yown, President and owner of Yown’s, will remain with the combined entity to help ensure a smooth transition and continued success. “This is a tremendous opportunity for our service customers, product vendors and employees,” explains Mr. Yown. “By joining forces with Thermogenics, we complement our existing product offering, expand the solution set we bring to customers in the region, and take Yown’s to the next level.”

The Ironbridge team of eleven 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. Ironbridge has extensive financial and operating experience and works closely with the management of its portfolio companies to enhance value.